The Family Investor

The Family Investor

Goldman Outlook 2026: No AI Bubble in Sight

And the US to underperform its peers.

Mrs Pennies's avatar
Mrs Pennies
Feb 02, 2026
∙ Paid

In 2025, the US market underperformed in USD terms the rest of the world, for the first time in 16 years.

In the year ahead, Goldman expects US underperformance to continue.

At 22x PE, the US market is one of the most overvalued markets in the world.

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