Goldman's Snider Expects Double-Digit S&P Earnings Growth

• Snider forecasts double-digit S&P 500 earnings growth for the upcoming quarter, dismissing concerns of an 'earnings bubble' popping.
• Investor positioning data indicates high anxiety, with mutual fund cash balances rising and hedge fund net leverage declining since March.
• AI's long-term demand for compute and token consumption is identified as a significant and sustained earnings tailwind through 2027.
• Healthcare is emerging as an inverse hedge to the AI trade, with investors seeking protection against potential tech volatility.
• While consumer spending has been strong, deceleration is anticipated in the coming quarters due to diminishing fiscal tailwinds and higher energy prices.

Goldman Sachs' Chief US Equity Strategist Ben Snider expects continued double-digit S&P 500 earnings growth, driven by strong AI tailwinds. He notes that investor anxiety is already reflected in cautious market positioning, providing a buffer against potential macro risks.