Goldman Sachs’ view: Early AI beneficiaries such as NVDA and hyperscale cloud providers may continue to benefit in the next phase, while the valuations of AMZN, GOOGL, META, MSFT and ORCL are now more reasonable than market perceptions suggest. Conditions: This view would be weakened if earnings growth falls short of expectations, demand for AI capital expenditure slows, or valuations expand sharply again.
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Goldman Sachs’ view: Early AI beneficiaries such as NVDA and hyperscale cloud providers may continue to benefit in the next phase, while the valuations of AMZN, GOOGL, META, MSFT and ORCL are now more reasonable than market perceptions suggest. Conditions: This view would be weakened if earnings growth falls short of expectations, demand for AI capital expenditure slows, or valuations expand sharply again.