为何财报超预期股价却下跌？高盛：投资者正盯着别的东西

Group 1 - The current earnings season has shown strong performance, with about two-thirds of S&P 500 companies exceeding expectations, marking one of the best earnings seasons this century, second only to the post-pandemic economic reopening in late 2020 [2][3] - Despite the strong earnings, the market reaction has been muted, with companies that reported better-than-expected earnings seeing their stock prices perform below historical averages, indicating a shift in investor focus from past performance to future profitability [1][2] - Investors are increasingly concerned about future earnings potential due to macroeconomic uncertainties, including trade tensions and regional banking issues, leading to a cautious sentiment in the market [1][2] Group 2 - AI capital expenditures have become a focal point, with projections for large tech companies' spending rising significantly, from $314 billion to $518 billion for 2026, reflecting heightened investor interest [3] - The acceptance of increased capital spending is contingent on perceived profitability growth and the ability to monetize AI investments, as evidenced by the contrasting stock performances of Alphabet and Meta Platforms based on their profit guidance [3] - Positive signals are emerging at the corporate level, with nearly half of the 49 companies that provided fourth-quarter guidance exceeding analyst expectations, contributing to a 2% increase in the projected EPS for the S&P 500 for 2026 [3]