Goldman Sachs: US Corporate Earnings Growth Stops Accelerating, AI Capex Growth Peaking

The signal here is less about the level of earnings than the direction of their second derivative: strong but decelerating profit growth, paired with a call that AI capex is peaking, challenges the assumption that hyperscaler spending can keep compounding as a standalone earnings driver. That matters most for the AI-linked supply chain and for index-level earnings expectations that have leaned on that capex cycle. Whether the projected slowdown in EPS growth proves orderly or sharper than strategists expect is the open question worth watching.