Goldman Sachs says the AI boom echoes Dot-Com tensions as valuations outpace fundamentals

Newsquawk StaffPublished 23 Jun 2026, 08:11 UTCOn the live feed at 07:51 UTC — 7 more headlines followed before this page went public

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EU S&P Global Composite PMI Flash (Jun) 49.5 vs Exp. 49.2 (Prev. 48.5); "Most of the responses used in the calculation of the June flash PMI data were received prior to the signing of the US-Iran MoU"

07:59

Iranian Ambassador to the UN says there has been good progress in negotiations with the US

07:51

Goldman Sachs says the AI boom echoes Dot-Com tensions as valuations outpace fundamentals

07:46

Citi says global equity positioning improved as risk sentiment strengthened following the US-Iran MoU

07:45

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Goldman Sachs sees no macro imbalances yet signalling the boom's end, but says the gap between favourable fundamentals and stretched valuations continues to widen, echoing dynamics from the 1990s tech bubble.
The most credible upside case requires AI-related companies to capture an above-normal share of AI-driven productivity gains; outside AI-exposed areas, the macro backdrop may be more fragile than headline growth suggests, the bank writes.
Goldman expects the investment boom to extend further, but flags rising equity volatility ahead and a higher-than-usual risk that rates end up meaningfully lower once the boom peaks.

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