GS Duttenhoefer Charts at Goldman Sachs 24 Aug 2026

GS Duttenhoefer - Charts at Goldman Sachs 24 Aug 2026 Johannes Duttenhoefer · Goldman Sachs · FICC & Equities Mon 24 Aug 2026, 7:17am ET

Below a selection of interesting charts that have been discussed across several divisions & regions at GS.

Top 10: Concentration of S&P 500 market cap and earnings in the 10 largest index constituents. Source: Compustat, IBES, FactSet, Goldman Sachs.

TINA is over: STOXX 600 dividend yield vs. EUR IG and vs. Germany 10-year; the TINA (there is no alternative) environment is over; equities need to either provide growth and/or higher cash returns to shareholders to out-compete the yield on bonds. Source: Goldman Sachs Investment Research, Factset, Datastream.

OIL: global oil inventories still set to reach historic lows if the strait doesn't reopen soon. Source: IEA, Kpler, DOE, Euroilstocks, ARA PJK, PAJ, Haver, Refinitiv Eikon, Goldman Sachs Global Investment Research.

Token Costs: AI token costs are down -49% from their May level driven by Chinese models being a clear alternative to US peers; see SDLLMTK Index on Bloomberg. Source: Bloomberg.

supply vs demand: BloombergNEF projects that starting next year, the U.S. won't have enough data center power capacity to run all the AI server chips being produced. (BBG)

Momentum drawdowns: momentum has had more 1-day selloffs >5% in 2026 than in the last 5 years combined. Source: Goldman Sachs FICC and Equities data as of 21-Aug-26.

mutual fund performance: 42% of large-cap mutual funds are outperforming their benchmarks. Source: Goldman Sachs Global Investment Research.

HF de-grossing: the recent hedge fund de-grossing episode was particularly sharp. Source: Goldman Sachs FICC and Equities, Goldman Sachs Global Investment Research.