GS Coppersmith US Equities AI back in focus Astra Communacopia 6 Sep 2026

GS Coppersmith - US Equities AI back in focus Astra Communacopia 6 Sep 2026 Lee Coppersmith · Goldman Sachs · Managing Director · FICC & Equities 6 Sep 2026

A lot of investors seem to be holding their breath for what next week’s inflation data might bring, but the latest on the AI front may be more important for stocks. The release of OpenAI’s Astra model, lighter positioning and a big round of micro updates - headlined by our marquee Communacopia + Technology Conference - make for a pretty interesting setup... All with the SPX straddle for the upcoming week at ~1%...

On the macro front, our research team has flagged that further increases in risk appetite likely need lower rates more than stronger growth expectations; Our Risk Appetite Indicator’s growth component is already near the top of its post-COVID range, while the monetary policy component remains negative. Lower energy prices with a reopening of the Strait of Hormuz, alongside further progress on US inflation, would be a friendly combination (i.e. more Goldilocks pricing). But with a decent amount of growth optimism already embedded across assets, there is less room for growth disappointments or another negative geopolitical shock.

The earnings/valuation dynamic is also worth keeping in mind. It’s no secret a lot of this year’s earnings strength has come from Tech, supported by AI capex and gains on equity investments. Investors have been less willing to pay higher multiples for increasingly cyclical earnings, particularly with leverage rising across the AI ecosystem. Higher long-end yields have also pressured valuations outside Tech. Our strategy team expects lower equity Sharpe ratios from here, though lower rates alongside resilient growth could help multiples again - especially as AI adoption broadens beyond the infrastructure buildout;

The market needs fresh catalysts, and next week could deliver. OpenAI kicks off our Communacopia conference Tuesday at 9:30am PT, with 40 public/private companies across our research team’s lineup. The focus: AI spending, returns and competition into 2027 and beyond. Our team still sees upside to capex, with compute demand outstripping supply well into 2028. Beyond AI, expect updates on the digital consumer and the trade-off between growth, investment and margins;