The Peak in Growth Is Behind Us
Valentin Teruggi's Substack article argues that third-quarter 2026 U.S. growth of 3.4% annualized marks the peak of the economy's acceleration, noting that information-processing equipment alone drove roughly a quarter of it and that Goldman Sachs ties nearly half of 2026 S&P 500 earnings growth to the AI boom. He expects AI spending to keep rising into 2027 — with hyperscaler capex near $800 billion in 2026 — while contributing less to growth, and says markets must now price the fading acceleration.
