Following last month's decline, Goldman Sachs customers are tightening their optimism about artificial intelligence and US stocks. The latest survey data shows that expectations for the S&P 500 index to enter 2026 have become more conservative. According to the bank's survey of 782 institutional clients, investors expect this benchmark index to end between 7,000 points and 7,500 points next year. According to Oscar Ostlund, global head of content strategy, market analysis and data science for Goldman Sachs's Marquee platform, this is a sharp drop from late October, when many customers expected the index to jump to 7,200 points before the new year. Customers still expect the S&P 500 to rise in 2026, but their target points are “much more conservative,” Ostlund wrote in a report on Monday. Although enthusiasm for AI has cooled down, confidence in the future of the US economy has increased: only 1% of respondents believe there will be a recession in 2026, and only 10% expect the economic growth rate to fall below 1.5%, thus strengthening expectations for a non-recessionary easing cycle, which will support risky assets.

Following last month's decline, Goldman Sachs customers are tightening their optimism about artificial intelligence and US stocks. The latest survey data shows that expectations for the S&P 500 index to enter 2026 have become more conservative. According to the bank's survey of 782 institutional clients, investors expect this benchmark index to end between 7,000 points and 7,500 points next year. According to Oscar Ostlund, global head of content strategy, market analysis and data science for Goldman Sachs's Marquee platform, this is a sharp drop from late October, when many customers expected the index to jump to 7,200 points before the new year. Customers still expect the S&P 500 to rise in 2026, but their target points are “much more conservative,” Ostlund wrote in a report on Monday. Although enthusiasm for AI has cooled down, confidence in the future of the US economy has increased: only 1% of respondents believe there will be a recession in 2026, and only 10% expect the economic growth rate to fall below 1.5%, thus strengthening expectations for a non-recessionary easing cycle, which will support risky assets.