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The technology sector has been under severe pressure since 2026 started, with the downturn highlighted by Microsoft, which recently ended what it described as its arguably worst first quarter (Q1) of the century. Goldman Sachs’ strategists pointed to this decline as a key reason big tech stocks may be positioned as a “best buy” in April.
On Tuesday, April 7, Goldman Sachs strategist Peter Oppenheimer estimated that, after the downturn, the price-to-earnings-to-growth (PEG) of the technology sector improved and dropped below 1, a move that the bank said can indicate undervaluation.
At the same time, the sector’s business results have continued on a positive track. Earnings reports from major blue-chip firms released during Q1 showed substantial growth and results that beat analyst forecasts, including Nvidia, Microsoft, and Advanced Micro Devices (AMD).
Goldman Sachs also cited valuation measures that compare past earnings growth against stock market valuation and other trailing metrics. These indicators, according to the bank, suggest big tech is trading cheaply relative to essentially every other sector.
In Oppenheimer’s view, April 2026 could represent one of the stronger buying opportunities for investors seeking exposure to big tech.
Elsewhere, Goldman Sachs has historically dismissed concerns about an artificial intelligence (AI) bubble, arguing that valuations remain tame compared with historical episodes such as the Dot-com bust.
The bank said its “Strong Buy” stance for the technology sector remains consistent because the outlook for future revenue and profits has not changed since Nvidia crossed above $5 trillion in market capitalization, even as stock prices have fallen significantly.
Goldman Sachs also referenced a recent update from Anthropic, which revised its annualized revenue for the ongoing year from $9 billion to $30 billion, describing this as a confirmation of the industry’s apparent health, including AI-focused businesses.
Despite the more constructive valuation setup, the analysis is not universally bullish. One concern raised is whether data center delays could threaten the big tech rally.
Since the start of 2026, capital expenditure on AI infrastructure has been a point of contention. By April 9, 2026, the article states that most planned data centers in the U.S. had either been delayed or cancelled, and that even infrastructure described as operational is only partially completed.
Prominent AI critics, including Ed Zitron, have also questioned the credibility of financial results disclosed or implied by industry leaders such as OpenAI and Anthropic, citing a lack of independent oversight and a perceived mismatch with figures from companies viewed as more transparent.
Zitron further questioned Nvidia’s ability to sustain revenue and revenue growth, pointing to the importance of corporate semiconductor activity and the potential impact that data center setbacks could have on actual demand.
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