Goldman Sachs
Goldman Sachs is an American multinational investment bank and financial services company.
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Goldman Sachs: Internet sector underperforms broader market, AI returns become market focus
According to Chaoxiang Research, Goldman Sachs' August 25, 2026 research report indicates that the internet sector rose 9% overall in the second quarter, underperforming the S&P 500's 11% gain. AWS reported year-over-year revenue growth of 37% in Q2, with its operating margin hitting an all-time high of 39%; Google Cloud revenue grew 81% year over year, with the combined backlog of the two cloud providers exceeding $1 trillion. Digital consumption remains broadly resilient, but consumer divergence is intensifying; high-income consumers show no sign of reducing their spending appetite, while low-income consumers are becoming increasingly cautious. Goldman Sachs will host the Communacopia Technology Conference in San Francisco from September 8 to 11, with 40 companies including OpenAI, Google Cloud, SpaceX, and Uber set to attend. Goldman Sachs notes that market patience for AI returns is waning, and whether management can clearly address the "when, how much, and what return" questions regarding AI investments will become the key driver of valuation divergence. Three major themes will dominate the conference discussions: the pace of AI spending and return curves, the resilience of digital consumption, and the balancing act between investment and profitability.
Agentwood Studios
August
what
AI Local Business Platform Owner Raises $240 Million in Funding, with Goldman Sachs Participation
Odaily News: Owner, an AI platform for local merchants, has announced the completion of a $240 million funding round, valuing the company at $2.3 billion. The round was led by Growth Equity under Goldman Sachs Alternative Asset Management, with participation from existing investors including Meritech, Redpoint, Headline, and Jack Altman. The company uses AI agents to automate marketing promotion, customer communication, and operational optimization services for local merchants. The new funds are intended to expand international operations and broaden local business use cases. (Morningstar)
AI anti-fraud company Socure completes $156 million funding round, led by Summit Partners
: AI anti-fraud company Socure announced the completion of a $156 million strategic growth funding round, valuing the company at $5.2 billion. The round was led by Summit Partners, with participation from Wells Fargo, Goldman Sachs Alternatives (under Goldman Sachs), DocuSign, and others. In addition, the company also announced the acquisition of AI startup Fravity, aiming to leverage AI agents for fraud, risk, and compliance investigations. The specific acquisition amount has not been disclosed yet. Its anti-fraud services are currently applied to companies including crypto exchange Coinbase, stablecoin issuer Circle, digital bank Revolut, and Robinhood. (Crunchbase)
Circle
Coinbase
Revolut
Robinhood
Goldman Sachs: Salesforce Surges 13% After Hours as AI Upgrade Exceeds Expectations
According to Chaoxiang Research, Goldman Sachs' research report dated August 26, 2026, indicates that Salesforce delivered a full beat in its Q2 FY27 results, with shares surging 13% in after-hours trading. Q2 cRPO grew 14% year-over-year, in line with expectations, while subscription revenue beat estimates by 0.3%. EBIT and free cash flow margins expanded by 50 and 400 basis points, respectively. Third-quarter revenue guidance calls for 11% to 12% year-over-year growth, representing approximately 130 basis points of organic growth excluding Informatica, signaling acceleration in the core business. Five percent of customers have already upgraded to advanced paid tiers, with annual contract value (ACV) increasing from prior levels by 60% to 80%, significantly outpacing the previously expected 20%. The rationale behind customer upgrades has shifted from Slack adoption toward building custom AI agent stacks. Goldman Sachs reiterated a Buy rating on the stock, raising its price target from $242 to $271, implying a 32% upside. Goldman Sachs views AI monetization as being at an early inflection point, noting that an acceleration in upgrade pacing or pricing models could drive a significantly bullish scenario. Adjusted GAAP EPS for fiscal years 2027 through 2029 are projected at $16.83, $16.12, and $19.19, respectively. Downside risks include intensifying competition, lower-than-expected adoption of Agentforce, and risks associated with M&A integration.
August
Goldman Sachs Expects Nvidia Revenue to Grow 70% by Fiscal 2028, AI Chip Demand Remains Strong
Odaily News: Goldman Sachs analyst Jim Schneider stated that Nvidia's revenue growth prospects remain strong over the next few years, with the company's fiscal 2028 revenue expected to increase approximately 70% from current levels.Earlier, Nvidia reported better-than-expected fiscal second-quarter results and provided revenue guidance above market expectations, driving its stock price up approximately 4%. The market is closely watching Nvidia's continued ability to benefit from AI infrastructure development.Jim Schneider said in an interview with CNBC that Nvidia's strong performance and future growth expectations are primarily driven by sustained enterprise investment in AI computing demand and the expansion of its data center business.As the generative AI boom continues, Nvidia's GPUs, AI servers, and related ecosystem remain a key focus in the capital markets, with investors continuously assessing its long-term growth potential. (CNBC)
GPU.Net
Node AI
Goldman Sachs: Jackson Hole Preview; Warsh’s Friday Speech Focuses on Three Key Themes; High Probability of September Rate Hold
According to Chaoxiang Research, Goldman Sachs noted in its August 26 research report that the Federal Reserve's Jackson Hole Annual Economic Symposium will be held from August 27 to 29. Chairman Warsh's remarks on Friday at 10:00 a.m. New York time will be the market focus. Goldman Sachs expects Warsh to reiterate the 2% inflation target, outline the Fed's communication strategy, and discuss macroeconomic topics such as AI and productivity, but will not provide clear policy guidance for the September policy meeting. Goldman Sachs believes that improving inflation data for two consecutive months in June and July has bolstered the confidence of most FOMC members to maintain interest rates unchanged. With another round of CPI and PPI data due before the September 16 policy meeting, August core inflation is expected to increase approximately 0.2% month-on-month. A methodological adjustment on September 30 is expected to lower year-on-year core PCE by at least 0.2 percentage points. The peak impact of tariffs, oil prices, and AI demand on inflation has passed. Goldman Sachs expects the FOMC to keep interest rates unchanged in September and through the end of the year.
August
June
Key
Goldman Sachs: NVIDIA's Q2 revenue of $96.2 billion exceeded expectations, Q3 guidance of $108 billion topped market consensus
According to Tide Research, Goldman Sachs' August 26 quick commentary highlighted that NVIDIA reported Q2 revenue of $96.2 billion, beating Goldman's forecast by 3.4% and market consensus by 4.2%; data center revenue reached $89.0 billion, outpacing estimates by 2.9% and consensus by 3.6%; EPS came in at $2.22, surpassing expectations by 4.9% and consensus by 6.1%; and gross margin was 75.0%, in line with projections. The midpoint of Q3 revenue guidance stands at $108.0 billion, reflecting 14% QoQ growth and approximately 90% YoY growth, exceeding the market consensus of $105.4 billion but slightly falling short of Goldman's estimate of $110.7 billion. Gross margin guidance is set at 74.0%, slightly below the anticipated 74.9%. Goldman Sachs retains a Buy rating with a $285 price target, offering 34% upside from current levels, though it expects the stock to trade in a range post-earnings, as market optimism has already been fully absorbed following hyperscalers' capex upgrades. The Q3 gross margin guidance misses market expectations by roughly 90 basis points, mainly due to elevated initial ramp-up costs for the new Blackwell architecture GPUs. Goldman asserts that three key discussion points from the earnings call—the upside potential for the $1 trillion cumulative data center revenue target, the structure of the $500 billion financing facility, and the gross margin trajectory in H2 2026 and 2027—are more critical than the earnings figures themselves. Robust guidance underscores the resilience of AI spending, making digital semiconductors such as Broadcom, AMD, Marvell, ARM, and Intel the most...
August
GPU.Net
Node AI
NVIDIA
Tide
NVIDIA Q2 Revenue Doubles Year-Over-Year to $96.2 Billion, Q3 Guidance at $108 Billion
According to Nvidia's official announcement, for the second quarter of fiscal year 2027 (ending July 26, 2026), the company reported revenue of $96.221 billion, up 18% quarter-over-quarter and 106% year-over-year, with data center revenue reaching $89.0 billion, reflecting increases of 18% and 117% respectively. GAAP net income was $59.688 billion, up 126% year-over-year, with diluted earnings per share at $2.46. Looking ahead to the next quarter, Nvidia expects revenue in the third quarter of fiscal year 2027 to reach $108.0 billion, plus or minus 2%. This guidance excludes data center computing revenue from China. The company also disclosed that it returned approximately $26.0 billion to shareholders through stock repurchases and cash dividends this quarter, leaving approximately $99.0 billion remaining under its authorized share repurchase program. On the business front, Nvidia stated that the Vera Rubin platform has entered full mass production, and announced partnerships with institutions including Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR, aiming to mobilize over $500.0 billion in third-party capital for long-term AI infrastructure development.
Apollo
NVIDIA
Vera
贝莱德
Goldman Sachs: Crypto Trading Has Fallen for Ten Consecutive Months, Turning Point May Be Approaching
According to Chaoxiang Research, Goldman Sachs' research report dated August 24, 2026, indicates that cryptocurrency trading volume fell 30% in July and 21% in August, declining for 10 consecutive months, a duration that exceeded the median of the previous five cycles. Trading volume in this cycle has dropped 75% from its peak, while cryptocurrency market capitalization rebounded 21% over the past week. Goldman Sachs suggests a turning point in trading volume may emerge if market cap remains at current levels. On the regulatory front, 35% of institutional investors cite regulatory uncertainty as the biggest hurdle, while 32% identify regulatory clarity as the primary catalyst. The SEC recently proposed an innovation exemption framework. In 2026, over 10 additional digital asset companies received bank charters from the OCC, and more than 15 crypto firms have already been incorporated into the federal banking system. Crypto companies reduced expenses by an average of approximately 5% in 2026, lifting operating margins by roughly 5.8 percentage points. Goldman Sachs remains cautiously optimistic for the second half of the year, with sector valuations currently positioned at the 30th percentile over a five-year period. Key recommendations include COIN (target price $196), HOOD ($124), IBKR ($114, featured on Goldman Sachs' Conviction List US), and FIGR ($43). The investment logic diverges across the three sectors: traditional brokerages are poised for a September reversal, prediction markets are driven by the election cycle, and crypto equities benefit from a triple catalyst of market cap recovery, cost reductions, and regulatory reform.
August
Conviction
Key
OccamDAO
OccamX
Ten
SEC Probes Collapse of AI Hedge Fund Situational Awareness
According to Reuters, the U.S. SEC is investigating AI hedge fund Situational Awareness's trading activities and high-leverage positions during the market turmoil in July, and has issued subpoenas to Wall Street banks including Goldman Sachs, JPMorgan, Citigroup, and Bank of America, requiring them to provide information related to the fund's trades and financing. Situational Awareness was founded by former OpenAI researcher Leopold Aschenbrenner, who previously worked at FTX Future Fund, with assets under management briefly exceeding $20 billion. In July, the fund suffered a monthly loss of approximately 67% due to declines in AI and chip stocks, and was subsequently forced to sell most of its public equity portfolio to Citadel.
Citadel
Citadel
Citadel
FTX
Future
Future Fund
Goldman Sachs: Samsung shareholder returns fall short of expectations, FCF expansion supports valuation repair
According to Chaoxiang Research, Goldman Sachs's August 23 research report notes that Samsung Electronics announced a projected shareholder return pool for 2026 ranging from KRW 90 trillion to KRW 110 trillion (median approximately KRW 100 trillion), which is lower than the KRW 150 trillion market expectation previously reported by the media. Goldman Sachs maintains its Buy rating with a common stock price target of KRW 490,000, implying a 74% upside from the current share price. The company plans to distribute cash dividends of approximately KRW 30 trillion in the third quarter, with the remainder to be implemented following confirmation in the January 2027 financial results. Goldman Sachs calculates that Samsung's cumulative free cash flow (FCF) from 2024 to 2026 will be approximately KRW 270 trillion. Based on a 50% payout ratio, the 2026 return will be about KRW 106 trillion, falling at the upper end of the guidance range. Goldman Sachs projects that the return pools for 2027 and 2028 will increase to KRW 179 trillion and KRW 232 trillion, respectively, while raising its 2026, 2027, and 2028 EPS forecasts by 1%, 7%, and 11%. At its current share price, Samsung trades at an expected 2027 price-to-book (P/B) ratio of 1.7x and a 2028 P/B ratio of 1.2x, with corresponding ROE reaching 40% to 50%. Goldman Sachs considers the risk-reward ratio to be attractive.
August
Based
Based
KingDefi
Goldman Sachs: China's semiconductor volume self-sufficiency rate rises to 70%, $82 billion capital expenditure target for 2030
According to Chaoxiang Research, Goldman Sachs' fourth annual report in its CHIPS Act series, released on August 24, indicates that by June 2026, China's semiconductor IC self-sufficiency rate will reach 70%, nearly double the 38% recorded in January 2010. Goldman Sachs has raised its forecast for China's semiconductor capital expenditure to $82 billion in 2030, up 79% from previous estimates. The report covers CXMT, China's leading DRAM manufacturer, for the first time, assigning a Buy rating with a target price of ¥129. Goldman Sachs projects that the supply-demand gap for China's advanced logic processes at 7nm and below will narrow from 92% in 2025 to 34% by 2035, while wafer demand for AI servers will grow at a CAGR of 42% over the same period. Under the baseline scenario, China's AI chip market is projected to reach $678 billion by 2030, representing a CAGR of 69% from 2025 to 2030; the DRAM market will reach $257 billion by 2028, growing at a 50% CAGR, with HBM expanding at an 188% CAGR. China's WFE spending will increase by 13%, 20%, and 15% in 2026, 2027, and 2028, respectively. The revenue share of domestic equipment manufacturers in China's WFE market will rise from 31% to 38%. Despite the rising localization rate, global equipment suppliers remain key beneficiaries of China's capacity expansion in advanced processes. Goldman Sachs recommends Applied Materials, Lam Research, and Onto Innovation.
August
June
Goldman Sachs: Q2 Earnings Up 135%, APAC Market Still Has 21% Upside Potential
According to Trend Research, Goldman Sachs' August 21, 2026 research report notes that the MSCI Asia Pacific ex Japan Index (MXAPJ) posted Q2 net profit growth of 135% year-over-year and 52% quarter-over-quarter, with 46% of companies beating expectations and a median surprise of 4.3%. The information technology sector led the gains, with earnings up 390% YoY. The current MXAPJ forward P/E ratio stands at 11x, two standard deviations below its 10-year average, placing it in a deeply discounted range. Goldman Sachs has set a 12-month target price of 1,080 points, implying a 21% upside from the current level of 891 points, with an expected total return including dividends of approximately 24%. Goldman Sachs believes earnings resilience will drive valuation repair, recommending overweight positions in capital goods, healthcare, energy, tech hardware and semiconductors, and insurance, while suggesting underweights in autos, software & services, internet, utilities, and metals & mining. Key trading recommendations include going long on portfolios that outperform earnings revisions (launched in July 2021, with a cumulative return of 334%) and going long on AI infrastructure hardware and semiconductors (launched in June 2023, with a cumulative return of 63%). MSCI will adjust its index benchmarks on August 31, triggering approximately $42 billion in two-way capital flows across Asian markets, which could amplify volatility toward the end of the month. Downside risks to monitor include rising long-end US Treasury yields, escalating geopolitical tensions, and the pace of China’s economic recovery.
August
June
Key
Market
Pacific
Treasury
Goldman Sachs: 2026 WFE Forecast Raised to $150 Billion, Driven by DRAM and Foundry
According to Chaotian Research, Goldman Sachs' August 23 research report raised its forecast for wafer front-end equipment (WFE) from 2026 to 2028 to $150 billion, $218 billion, and $281 billion, representing increases of 6%, 17%, and 35% over previous forecasts. The adjusted three-year year-over-year growth rates are 36%, 45%, and 29%, compared to prior expectations of 28%, 32%, and 12%.
August
Foundry
Foundry
Six Major Foreign Brokerages Emerge as Biggest Winners in Korean Stock Bull Run: Second-Quarter Net Profit Hits 630.5 Billion Won, Led by JPMorgan
According to a report by Korean media Econovill, data released by the Korea Financial Investment Association shows that six foreign brokerages—JPMorgan, Goldman Sachs, Merrill Lynch, UBS Securities, Morgan Stanley, and Citigroup Global Markets—posted a combined net profit of 630.5 billion won (approximately $450 million) in South Korea's stock market during the second quarter of this year, representing a year-on-year increase of 213.8% and a quarter-on-quarter increase of 133.3%. Their operating profit reached 828.9 billion won, up 220.7% year-on-year.
Major
摩根大通
Goldman Sachs: CoreWeave Target Price Raised to $139; Demand, Pricing, and Capacity All Strengthening, But Neutral Rating Pending Software Validation
According to Trend Insight Research, a Goldman Sachs research report dated August 20 notes that CoreWeave’s second-quarter revenue met expectations, with an EBIT margin 200 basis points above market consensus and its 2026 revenue guidance exceeding market forecasts by 1%. The revenue backlog grew 5% quarter-over-quarter to $104 billion, adding over $25 billion in committed orders since the third quarter. Active power capacity increased from 1 GW in the first quarter to over 1.5 GW, while contracted power capacity reached 4.2 GW. Goldman Sachs raised its 12-month price target from $121 to $139, implying a 53% upside from the current share price, and maintains a Neutral rating. Goldman Sachs believes CoreWeave’s near-term visibility is clear: demand continues to outpace supply, pricing across new and legacy GPU generations remains elevated, and capacity expansion is on schedule. Next-generation chips (Blackwell, Vera Rubin) continue to set new price records, and recent A100 delivery contracts have now been extended to 2029. Enterprise client share is rising (Caterpillar, IBM, Nissan, ZF), with AI compute demand diffusing from tech giants to the broader real economy. Goldman Sachs projects EBITDA will grow from $3.1 billion in 2025 to $31.3 billion in 2028. The Neutral rating reflects a wait-and-see stance until software and platform services prove to be more definitive profitability drivers, at which point a more positive assessment will follow.
August
CoreWeave
GPU.Net
Neutral
Node AI
Price
Anthropic, Blackstone, and Goldman Sachs Co-Found AI Implementation Consulting Firm Ode, Raises $1.5 Billion
According to Forbes, Anthropic, Blackstone, and Goldman Sachs have jointly launched an AI-native enterprise services company named "Ode," backed by a $1.5 billion investment. Positioned as an AI implementation consulting firm, Ode's core offerings include identifying business processes suitable for AI transformation, deploying AI engineers, developing custom applications and AI agents, automating task workflows, and assisting enterprises with regulatory compliance issues. The company will prioritize driving the deployment of Anthropic's Claude models across its client base.
Firm
Anthropic Expected to Match or Exceed SpaceX's IPO Scale, Could File Publicly by End of This Month
Odaily News, according to sources familiar with the matter, Anthropic expects its IPO scale to match or exceed the record level set by SpaceX. The company is conducting relevant calculations and preparing to publicly submit its IPO application documents as early as the end of August. SpaceX's initial IPO raised $75 billion, which reached $86.2 billion after including the overallotment option.In May of this year, Anthropic raised $65 billion at a valuation of $965 billion, and by the end of July, its revenue run rate reached $65 billion. In addition, the company is working with Morgan Stanley, Goldman Sachs, and JPMorgan to advance the IPO, and is considering adopting super-voting shares to grant CEO Dario Amodei and other co-founders greater control over the company. (BloomBerg)
August
Exceed
Match
摩根大通
Goldman Sachs: SK Hynix's 40 trillion won buyback is just the beginning, expects another 70 trillion won on the way
According to TechFlow Research, Goldman Sachs pointed out in its August 19 research report that SK Hynix announced after hours a 40 trillion won (approximately 28.3 billion USD) stock buyback and cancellation plan, equivalent to canceling approximately 3.3% of issued shares; the buyback will start on August 20 and be executed within three months. Goldman Sachs maintained its Buy rating and target price of 3.5 million won, representing 133% upside compared to the current 1.5 million won. Goldman Sachs estimates cumulative free cash flow from 2025 to 2027 will be approximately 252 trillion won; based on a shareholder return ratio of approximately 55%, this would ultimately return approximately 140 trillion won to shareholders, and after deducting this 40 trillion won buyback and approximately 30 trillion won in dividends, there is still approximately 70 trillion won of additional buyback capacity. The research report indicates that the company hinted this is not a one-off event, and more follow-up buyback and dividend plans will be announced at the Q3 earnings conference at the end of October. This buyback can cancel approximately 24 million shares, far exceeding the 17.7 million share dilution effect brought by the recent ADR listing. Goldman Sachs raised its expected shareholder return rates for 2026 and 2027 to 3.5% and 8%, respectively, and raised its earnings per share forecasts for 2026 to 2028 by 4%, 10%, and 10%, respectively. The current stock price corresponds to a P/E ratio of approximately 3.8 times for 2026 and approximately 3.0 times for 2027; Goldman Sachs believes the valuation is still at the lower end of the historical range.
August
based
Goldman Sachs: Broadcom FY27 AI Revenue Expected to Beat Expectations by 12%, Competition Concerns Overblown
According to TechFlow Research, Goldman Sachs' research report on August 18 noted that ahead of Broadcom (AVGO)'s Q2 earnings release, it maintained a "Buy" rating and a $525 price target, representing 34% upside from the current stock price. Goldman Sachs expects Broadcom's FY2026 AI revenue to be approximately $57 billion, basically in line with consensus; FY2027 AI revenue forecast reaches $133 billion, 12% higher than consensus. FY2027 total revenue is expected to be $186.986 billion, with EPS of $21.40. Goldman Sachs believes that market concerns regarding competition from MediaTek and AMD entering the ASIC custom chip sector have been overly reflected in the stock price; Broadcom's current PE is approximately 38 times, which does not fully account for FY2027 AI revenue potential. Broadcom's barriers in mass production delivery and customer relationships, as well as the volume increase of Tomahawk 6 switch chips driven by data center expansion, are two key drivers ignored by the market. Goldman Sachs suggests focusing on three major topics during the earnings conference call: FY2027 AI revenue guidance, ASIC share changes, and data center deployment readiness.
August