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# markets
a16z.news - a16z New Media
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- Goldman Sachs argues that tech and software valuations have compressed so much that they may now look relatively cheap versus the broader market.
- The old “tech premium” has mostly disappeared, while tech earnings still trade at only about a 25% premium to the rest of the market.
- Meanwhile, tech earnings expectations are still rising faster than the market and have been revised up more than any other global sector in 2026.
- The piece frames the key tension as valuation versus fundamentals: prices have fallen, but earnings growth remains strong.
- It also references several related chart topics: activist investors, quantifiable AI benefits, oil’s shrinking importance, and grocery prices.
- The headline question is not whether tech is perfect, but whether the market has pushed it into a more attractive risk/reward zone.