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“We’re Going Up”: Steve Cohen Turns “Pretty Bullish” As 300 Million AI-Driven Layoffs Send Profit Margins Soaring


First, the good news. After two years of declining margins due to runaway inflation and soaring input prices, the worst of the profit margin recession is behind us.

As Goldman strategist Ben Snider writes in a report analyzing S&P profit margins (and available to pro subs in the usual place), after surging to a record high of 12% in 2021, S&P 500 profit margins have plunged by more than 100 bp in recent quarters. But in 1Q 2023, companies reported margins in line with pre-COVID levels and above both consensus estimates and 4Q 2022 results.

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