2026 Outlook: Tech Tonic — a broadening bull market

Goldman Sachs

Peter Oppenheimer

Research

19 Pages

Goldman Sachs Global Investment Research presents an equity outlook for 2026 that keeps the bull market intact while tempering expectations. The authors describe a late cycle optimism phase where rising earnings, high valuations and intense interest in artificial intelligence shape returns. They project global equities delivering roughly 15 % total returns, with leadership gradually broadening beyond United States mega cap technology.

Date published: December 18, 2025

Key Takeaways

Optimism phase: Defines the current stage as late cycle optimism where valuations are elevated and earnings growth drives most returns.
Broadening leadership: Highlights equity strength spreading beyond United States mega cap tech into more regions, sectors and styles.
Diversification focus: Emphasizes wide diversification across regions, factors and sectors to manage concentration risk and capture artificial intelligence spillovers.
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