Goldman Sachs: Global Capital Rotates from U.S. Tech Stocks to Japan and Asia-Pacific Since Early 2025

According to Goldman Sachs Chief Strategist Peter Oppenheimer's latest strategy report, global stock markets are entering a "healthy normalization" with capital reallocating away from concentrated U.S. technology stocks. Since early 2025, the U.S. has been the worst performer among major markets, while Japan, Asia-Pacific, and emerging markets have led in local currency returns. Oppenheimer attributed the shift to mega-cap tech companies' massive capital expenditures on artificial intelligence, which are eroding free cash flow yields and reducing the valuation premium that powered U.S. stock outperformance for over a decade.
Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.
Comment
0/400
No comments