Goldman’s Top Strategist Says Europe Is Quietly Keeping Pace With the S&P 500.
Here’s the AI Spillover Nobody’s Watching Quick Read – ASML surged 72% and STMicroelectronics jumped 190% year to date as US hyperscaler AI spending floods European chipmakers. – Infineon surged 115% on AI rack power-chip demand while Eni climbed 26% on raised cash flow guidance and an expanded buyback. – SAP fell 35% on an earnings miss yet grew cloud revenue 27%, trading at 19x forward earnings, which represents a discount rare in AI-linked software. – Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and ASML didn’t make the cut
Grab the names FREE today. Peter Oppenheimer, Goldman Sachs’ Chief Global Equity Strategist, went on Bloomberg on July 1, 2026 and pointed at a statistic most US-focused investors have missed: European equities have kept pace with the S&P 500 through the first half of the year, despite carrying a fraction of the tech weight. The tortoise is running even with the hare, though it is still a little behind.
The hyperscaler capex is leaking across the Atlantic Oppenheimer’s core argument is that AI infrastructure spending does not stay bottled up inside five US megacaps. “This massive ramp up in spending that the hyperscalers have been doing has been, and I think will continue to trickle out into some better earnings growth into other sectors,” he said. The largest beneficiary sits in the Netherlands. ASML (NASDAQ:ASML) is the sole supplier of EUV lithography, the machinery that etches the transistors AI accelerators need.