Global Equities Call

Global markets rallied on news of a US/Iran agreement regarding the Strait of Hormuz. Goldman Sachs analysts remain focused on the impact of AI capex on mega-cap tech returns while highlighting Healthcare conference takeaways.

Key Takeaways

• 1.Global equities rallied on news of a formal US/Iran agreement to re-open the Strait of Hormuz.
• 2.Mega-cap tech ROE is under pressure due to heavy AI capital expenditure requirements, despite record aggregate S&P 500 profitability in Q1 2026.
• 3.Healthcare sector sentiment shows a modest bias toward outperformance, with M&A/BD activity remaining a key driver.

Table of Contents

• WHAT WE'RE WATCHING
• US Weekly Kickstart- The impact of the Al capex boom on S&P 500 return on equity
• GS HC Conference Takeaways
• STANDOUTS FROM LAST WEEK
• GS RATING AND CONVICTION LIST CHANGES

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