Goldman Sachs Connecting the Dots: Back to Basics Multi-Industry and More, AstraZeneca, Humanoid Robots, Back-to-School Macro Themes and Core Research
Summaries are public. PDF access requires an active membership; all members have the same access. Sign in
Goldman Sachs' Connecting the Dots roundup is anchored by Daniela Costa's Back to Basics multi-industry series. The Capex Tracker, covering 4,000+ companies, shows end-market concentration unmatched in the tracker's roughly 20-year history—data centers, semiconductors, renewables, and T&D leading—while the sector trades at a near-50% P/E premium to STOXX 600 versus ~20% historically, putting valuation discipline and ROIC at a premium. In pharma, Rajan Sharma reiterates AstraZeneca (15x 2027E P/E, Buy) as large-cap pharma's innovation leader, with tozorakimab data a growth driver. On physical AI, the GS China industrials team notes logistics sorting is now discussed in throughput metrics and 95-85% success rates, with new dexterous-hand categories entering retail and office services. Macro calls: UK inflation peaks at 3.3% in November, with the MPC on hold until 2027; increased US Treasury long-end buybacks will not fix fundamentals-driven long-end volatility. Earnings and AI: NVIDIA +9% on results (Buy), Salesforce +23% (Buy), MiniMax July tokens up 20x versus January (Buy), and higher 2026-28 WFE estimates favor Conviction List name ASML. Commodities: Hormuz flows estimated at 15-16mb/d; TTF winter upside scenario 100+ EUR/MWh; ASEAN data center capacity seen at 13GW by 2030E versus ~3GW now.