Goldman Sachs
Goldman Sachs is an American multinational investment bank and financial services company.
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Copper CEO Amar Kuchinad Departs as Sale Talks Enter Fourth Month
Odaily News: Copper has been seeking a buyer since May this year and hired Cantor Fitzgerald to assist with the sale process, with an initial asking price of $500 million. The company has currently received offers of around $200 million, down from a peak valuation of over $2 billion. Amar Kuchinad joined Copper as CEO in October 2024, following the departure of Copper founder and former CEO Dmitry Tokarev. Kuchinad previously worked at Goldman Sachs and served as an advisor to the U.S. Securities and Exchange Commission. Copper recently added two new executives, with Elin Cherry as Chief Compliance Officer and Sean Bowen as Chief Operating Officer.
Cantor Fitzgerald
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Copper
Goldman Sachs: Stronger-than-expected US August nonfarm payrolls dampen rate cut outlook; gold receives an overweight rating
According to Tide Research, a Goldman Sachs research report dated September 7, 2026, indicates that the US added 162,000 nonfarm payrolls in August, with the unemployment rate holding steady at 4.1%, as market expectations for a September rate hike rise. Commodities have led cross-asset performance over the past three months, with European natural gas topping gains amid the situation in the Strait of Hormuz; gold strengthened despite rising real yields on US Treasuries, prompting Goldman Sachs to upgrade its rating to Overweight with a 12-month price target of $5,275 per ounce, implying approximately 19% upside. Equity momentum factors experienced a sharp pullback, with capital rotating from technology stocks into energy, financials, and healthcare, while the S&P 500 traded in a range but showed improving breadth.
August
Tide
Robinhood Acts as Lead Underwriter for First Time in Oura's IPO Valued at Over $11 Billion
Odaily News: Robinhood Markets has officially served as an IPO underwriter for the first time, participating in the listing of smart ring maker Oura. Oura filed for its IPO last Thursday, with an expected listing valuation exceeding $11 billion. Goldman Sachs, Morgan Stanley, and JPMorgan are serving as the lead book-runners for the deal, with Robinhood ranking 18th among the 18 underwriters.In June of this year, Robinhood received regulatory approval to conduct underwriting business, and CEO Vlad Tenev previously stated his desire to "disrupt" the IPO market. As an underwriter, Robinhood is expected to gain more influence in the allocation of IPO shares to its retail clients. (The Wall Street Journal)
June
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Street
摩根大通
Goldman Sachs: Global Optical Module TAM Significantly Raised, 1.6T and Above Shipment Share Revised Up 29% to 61%
According to Chaoxiang Research, Goldman Sachs' September 7 research report notes that driven by rack-level expansion of AI servers and rising ASIC penetration rates, the global optical module market TAM for 2026 through 2028 has been increased by 33%, 81%, and 115%, respectively. In 2027, shipments of 800G, 1.6T, and 3.2T modules are projected to reach 49 million, 71 million, and 23 million units, with silicon photonics penetration expected to reach 80% in the 3.2T era. The market size for 800G and above is forecast to grow from approximately $45 billion in 2026 to $130 billion in 2028.
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Goldman Sachs: Pro-cyclical Rotation Slowing, Maintains Overweight on Equities for 12 Months but Tactically Shifts to Defensive
According to Chaoxiang Research, Goldman Sachs released its Global Opportunity Asset Locator report on September 2, maintaining its core stance of being overweight equities and underweight credit over a 12-month horizon, while taking a tactically neutral view on equities. Global equity markets have been range-bound since June, with AI capex beneficiaries facing selling pressure. The equal-weight S&P 500 outperformed the Nasdaq by 16% in June and July, reflecting a significant improvement in market breadth. Goldman Sachs believes that sustained earnings growth should support equities outperforming bonds and credit over the medium term, although returns may decelerate as earnings growth peaks. Furthermore, interest rate volatility, US midterm elections, and geopolitical risks could drive up short-term volatility.
Furthermore
June
Anthropic to Finalize $15 Billion Revolving Credit Facility Ahead of IPO
According to Bloomberg reports, sources familiar with the matter said that AI company Anthropic PBC is finalizing an expansion of its revolving credit facility to $15 billion. The financing arrangement is led by Morgan Stanley, with Goldman Sachs, JPMorgan Chase, and Citigroup also playing key roles. The same four banks are reportedly also set to lead Anthropic's highly anticipated initial public offering (IPO).
摩根大通
Goldman Sachs: Updated List of 23 Highest-Conviction Buys, Vertex Added, Interactive Brokers Removed
According to Trend Research, Goldman Sachs' September 1 research report indicated that the U.S. high-conviction list was updated this month; Vertex Pharmaceuticals was added, Interactive Brokers Group was removed, and the list remained at 23 stocks. All U.S. equity gains in August were concentrated in the first two trading days, after which the market entered a summer consolidation phase, with Nvidia's robust earnings failing to break the stalemate. The 10-year Treasury yield rose by 9 basis points from the start of the month, Brent crude was essentially flat, while gold, silver, and bitcoin gained 9%, 22%, and 24%, respectively. Vertex was the standout performer this month. Goldman Sachs believes the company has five billion-dollar-plus commercial opportunities spanning cystic fibrosis, pain management, kidney disease, hematology, and the endocrine field following its proposed acquisition of Crinetics. Market expectations for peak sales of povetacicept in IgAN stand at $3.2 billion, significantly below Goldman Sachs' $5.8 billion estimate. Outperformers included Estée Lauder, which rose 5.3% in August, and DoorDash, up 18.1%. Following a strong second quarter, TPG raised its FRE expectations by approximately 10%. Viking Holdings and Applied Materials came under pressure amid overly elevated expectations. The list is constructed based on bottom-up fundamental analysis, covering six major sectors: consumer, financials, healthcare, industrials, resources, and technology.
August
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Goldman Sachs: Communacopia Conference Preview, Five Key Semiconductor Debate Themes Focus on the Sustainability of AI Investment
According to Chaoxiang Research, a Goldman Sachs report dated September 1 notes that the Communacopia Tech Conference will be held in San Francisco from September 8 to 11, with 32 global technology companies attending. Ahead of the event, Goldman Sachs released a preview of five major debate themes on semiconductors, with core tensions focusing on the sustainability and constraints of AI infrastructure investment. Goldman Sachs anticipates that the overall tone of participating companies will lean optimistic, highlighting robust spending from hyperscalers and incremental demand for agentic AI.
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Key
Goldman Sachs, Bank of America, and 21 Other Financial Institutions to Jointly Launch a U.S. Dollar Stablecoin, Planned for Launch in the First Half of 2027
Odaily News: Goldman Sachs, Bank of America, Citigroup, and 21 other financial institutions announced on Tuesday their commitment to form a company that will jointly issue a U.S. dollar stablecoin, with plans to launch in the first half of 2027. The company is expected to be established in the second half of 2026, though the name has yet to be determined and closing conditions must still be met.The alliance's membership spans North America, Europe, East Asia, the Middle East, and Africa, more than doubling the initial 10 institutions that first explored the initiative in October 2025. The stablecoin will target wholesale, institutional, and retail markets, with initial use cases including cross-border payments and digital asset settlement.This stablecoin constitutes a liability of the commercial company, backed by reserve assets held by banks, and does not involve the Federal Reserve's balance sheet. The project plans to comply with the U.S. GENIUS Act and, where applicable, the EU's MiCA framework. Following the launch of the U.S. dollar stablecoin, a euro version will be issued, with subsequent expansion to other G7 currencies. (Decrypt)
Decrypt
HashKey joins DTCC Tokenization Innovation Working Group, becoming the first Asian crypto service provider to join
Odaily News: Digital asset service provider HashKey has joined the Digital Asset Advisory Services Industry Working Group of the Depository Trust & Clearing Corporation (DTCC), becoming the first Asian digital asset service provider to join the working group. The working group comprises over 100 global financial institutions and asset management companies, including JPMorgan Chase, Goldman Sachs, Nasdaq, and the New York Stock Exchange (NYSE).DTCC is a core post-trade infrastructure provider in traditional financial markets. The working group aims to advance the issuance, settlement, and custody of tokenized assets at institutional scale. DTCC plans to launch its tokenized securities access service in October, with custodial liquid assets currently reaching $114 trillion.In December last year, the U.S. Securities and Exchange Commission (SEC) issued a "no-action" letter to a DTCC subsidiary, permitting it to offer new securities tokenization services in the market. SEC Chairman Paul Atkins stated that the approval of the DTCC pilot is just the starting point, and the SEC will consider innovation exemption mechanisms. (Cointelegraph)
Cointelegraph
Digital Asset
French robotics startup Wandercraft seeks €100 million in new funding at a valuation of approximately €750 million.
According to Bloomberg, French robotics startup Wandercraft (a portfolio company of Renault SA) is seeking approximately €100 million (about $116 million) in a new financing round and has appointed Goldman Sachs as its financial advisor. The pre-money valuation stands at approximately €750 million, with the raised funds earmarked for expanding the company's business operations.
Goldman Sachs: Texas and Pennsylvania Tighten Data Center Approvals, AI Compute Demand Continues to Accelerate
According to Chaoxiang Research, Goldman Sachs' August 31, 2026 research report indicates that Texas and Pennsylvania governors signed executive orders in August to tighten data center development regulations. Goldman Sachs utilities analysts note minimal impact on high-quality, large-scale projects, while speculative, undercapitalized ventures will bear the brunt. SMCI's F4Q26 earnings report reveals single-quarter orders exceeding $60 billion, with FY27 revenue guidance set at $65 to $72 billion, reflecting a 75% year-over-year increase, approximately 70% of which is tied to pure AI deployments.
August
Center
Goldman Sachs: Dell AI server orders hit $60.9 billion, full-year guidance raised to $192 billion
Goldman Sachs maintains its Buy rating with a $510 price target, implying 12% upside from the current $456. The earnings call will focus on the sustainability of AI server orders, drivers of margin expansion, and the demand outlook for traditional servers. Downside risks include weak PC demand, corporate IT spending falling short of expectations, and a decline in AI server demand.
Goldman Sachs: TrendForce raises PC DRAM growth forecast to 18%-23%, short-term inventory pressures emerge in mobile DRAM
According to Chaoxiang Research, a Goldman Sachs research report dated August 31 indicates that TrendForce has raised its Q3 2026 PC DRAM price expectation to 18%–23% (previously 15%–20%), while server DRAM remains at 13%–18%. Mobile DRAM is lowered to 8%–13%, and the 20% expectation for mobile NAND is in line with Goldman Sachs’ forecast. In the August spot market, prices for both DDR4 8GB and DDR5 8GB rose 2% month-over-month, with the DDR5 discount relative to DDR4 holding steady at 6%; the premium for DDR5 64GB server modules widened from 15% to 16%. TrendForce attributes the short-term soft demand in mobile DRAM to elevated client inventories, forecasting that price gains will further decelerate to 0%–5% in Q4 2026. However, the 2027 price outlook remains positive, as suppliers will continue shifting production capacity toward server DRAM and HBM. Goldman Sachs maintains Buy ratings on Samsung Electronics and SK Hynix.
August
Goldman Sachs: Q2 EPS up 14%, earnings recovery spreading
According to Chaoxiang Research, Goldman Sachs' August 31, 2026 research report notes that Q2 S&P 500 median company EPS growth was 14%, with the earnings recovery spreading from AI infrastructure to broader sectors. Excluding AI infrastructure companies, earnings growth for the rest of the index also reached a new high for this cycle. Year-to-date, the S&P 500 is up 12%, with the forward P/E ratio still at 20x. Valuations have not expanded; earnings growth has absorbed the equity gains. In August, the S&P 500 gained approximately 2.5%, entirely driven by the first two trading days of the month. The Federal Reserve held rates steady in July, and Warsh's hawkish debut at Jackson Hole pushed the probability of a September rate hike above 50%. Goldman Sachs forecasts the month-over-month increase in core CPI and PCE for August to be around 0.2%, making a rate hike unlikely. The Treasury has expanded its U.S. Treasury buyback program. With the Strait of Hormuz closed for six months, Goldman Sachs believes oil prices may have topped out, and European natural gas carries significant upside risk. Inflation has remained elevated for five consecutive years, but Goldman Sachs assesses that inflation expectations have not yet faced de-anchoring risks. September's ISM Manufacturing, Nonfarm Payrolls, CPI, and PCE data will provide further directional guidance.
August
Treasury
21 Financial Giants Team Up to Launch G7 Stablecoin, USD Version Planned for 2027
Goldman Sachs, Bank of America, JPMorgan Chase, and 18 other institutions have announced the formation of a new company, planning to issue a regulated US dollar stablecoin in the first half of 2027, followed by an expansion to other G7 currencies such as the euro.
摩根大通
21 international financial institutions plan to establish a stablecoin company in the second half of 2026, launching a US dollar stablecoin in the first half of 2027
Odaily News: 21 international financial institutions have announced plans to establish a new company in the second half of 2026 to facilitate the issuance of stablecoins, with the specific name to be announced separately. The company will initially focus on US dollar-denominated stablecoins, with future plans to expand to additional G7 currencies, prioritizing the euro stablecoin. Participating institutions include Bank of America, Citi, Morgan Stanley, Goldman Sachs, Deutsche Bank, UBS, Wells Fargo, BBVA, Santander, MUFG Bank, and others. The stablecoin initiative targets wholesale, institutional, and retail markets, with applications in cross-border payments, digital asset settlement, and other scenarios. The group stated that the stablecoin solution will combine bank-grade compliance, governance, and institutional risk management capabilities, and plans to comply with relevant regulatory requirements such as the US GENIUS Act and the EU's MiCA, with the goal of launching stablecoin products in the first half of 2027.
MiniMax Co-Founder: AI That Can Autonomously Generate 1% of Global GDP Is AGI
According to Bloomberg, Yeyi Yun, co-founder of Chinese AI lab MiniMax, stated at the Goldman Sachs Asia Leadership Conference in Hong Kong that the benchmark for AGI will be whether AI can autonomously generate 1% of global GDP. She noted that AI's capabilities in autonomous planning, execution, and self-assessment have begun to emerge as early indicators of AGI, adding, "I hope this goal arrives soon." Additionally, Yeyi Yun emphasized that MiniMax's current top priority is enhancing intelligence levels rather than expanding adoption rates, and revealed growing confidence in achieving an annual recurring revenue (ARR) target of $1 billion by the end of the year.
Agility
DataPig
Delysium
Goldman Sachs: US Economy Not Overheated Overall, Localized Tightness in AI-Related Sectors
According to TrendFlow Research, Goldman Sachs' research report dated August 30, 2026 indicates that the U.S. macroeconomic environment shows no clear signs of overheating, the labor market is broadly balanced, wage growth is moderate, and aggregate capacity utilization across industries remains relatively low. Roughly 35% of industries are seeing nominal wage growth exceed 4%, slightly higher than the 25% mean from 1990 to 2019, but far below the 90% peak in 2022. Most manufacturing and service industries still possess capacity headroom, while the electrical equipment, machinery manufacturing, and professional services sectors are experiencing localized tightness driven by AI-related demand and are approaching peak capacity utilization. The composite bottleneck indicator remains at pre-pandemic levels, suggesting that capacity pressures have not propagated widely.
August
Goldman Sachs: Humanoid Robot Onboard Memory Value Estimated at $600–$800 Per Unit
Odaily News: Paradis posted on X platform, stating that Goldman Sachs pointed out that memory in humanoid robots is expected to account for up to 40% of their semiconductor value, excluding GPU and CPU.Goldman Sachs noted that while memory configurations may vary, their assumption is that each humanoid robot carries an average of approximately 128GB of DRAM memory and about 1TB of NAND non-volatile memory. Based on this assumption, the serviceable addressable market per unit for DRAM is $250–$350, for NAND is $350–$450, bringing the total memory serviceable addressable market per unit to $600–$800 or higher.Given the high edge computing loads in humanoid robots, Goldman Sachs expects at least part of the memory in each system to adopt HBM. HBM is primarily supplied by Micron, Samsung, and SK Hynix, and in the short term, Chinese memory manufacturers, including ChangXin Memory Technologies (CXMT), may face limited competition. Whether humanoid robot manufacturers will source HBM and traditional DRAM separately from different suppliers remains to be seen.DRAM and NAND memory prices may fluctuate, but Goldman Sachs used approximate market prices at the time of writing in its assumptions, as many long-term agreements have already been signed at these price levels.
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GPU.Net
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Node AI
Onboard