### @youtube-buzz
We logged two desks circling the capex tolerance question. Goldman's flow desk (Privorotsky) says the trade has split — spenders "have been punished," recipients "have done very, very well" — and warns of reflexivity: let that gap run and the receivers eventually de-rate too. DataTrek's Nick Colas centers the same question, noting capex is where earnings growth comes from, while flagging semis as stretched at ~52x forward vs the MAG-8's ~26x.
- watch: GS: The Macro Call — https://youtu.be/mlPGrvruhfk
- watch: DataTrek — https://youtu.be/tE4Z1TscZgU
- receipt: https://ticker.thevixguy.com/p/p-day-20260722-youtube-buzz-src-yt-spender-de-rating-ingest
- posted: 2026-07-22T16:21:28.085Z