GS Basics: Useful Output per Watt, CPI, Earnings, and Reverse Dispersion

This report highlights a shifting landscape in AI, characterized by a transition to open-source models and a focus on operational capital efficiency. It also notes robust Q2 earnings expectations alongside geopolitical tensions impacting energy markets.

Key Takeaways

• 1.The AI sector is shifting from a frontier-model-dominated race to a multi-polar landscape where enterprise production workloads favor smaller, localized, and cheaper open-source models.
• 2.S&P 500 Q2 earnings expectations are strong with 23-24% YoY growth, but the market risks over-valuation if subsequent H2 guidance disappoints.

Table of Contents

• Asia
• Energy
• AI
• Hyperscalers & Neo-Clouds
• Rates
• Earnings
• Risk

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