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Virksomheder implementerer hurtigt kunstig intelligens (AI), ifølge Goldman Sachs Asset Managements Brook Dane og Sung Cho. Top 5% af erhvervsbrugere anvender tre gange flere AI-tokens end gennemsnittet. Denne udvikling skaber kapacitetsbegrænsninger inden for AI-økosystemet. Dataudsendelser forventes at skifte fra kobber til fiberoptik, hvilket åbner op for investeringsmuligheder i optikbranchen. Reklamemarkedet kan også drage fordel af AI, da dybere AI-søgninger skaber bedre målrettede annoncer. Investorer opfordres til at opbygge positioner i AI-økosystemet, da nuværende vurderinger anses for attraktive.
Bioteknologiske aktier har overgået teknologiaktier det seneste år. NYSE Arca Biotechnology Index og Nasdaq Biotechnology Index steg med over 56% på 12 måneder. Små og mellemstore biotekvirksomheder kan drage fordel af øget opkøbsaktivitet i sektoren. Oral fedme-medicin driver også væksten inden for medicinalindustrien, med en forventet global salgsstigning til 114 milliarder dollars i 2030.
Goldman Sachs Research rapporterer, at AI-markedet viser store økonomiske gevinster, men makroøkonomiske advarselssignaler, som dem før dot-com busten, er ikke tilstede. Dog er kløften mellem markedsværdi og analytikernes prognoser stigende.
Citadel CEO Ken Griffin udtaler, at AI vil muliggøre en “gylden tidsalder” for iværksætteri, men høje omkostninger kan skabe adgangsbarrierer. Han påpeger, at fjernarbejde har hæmmet talentudvikling i USA, hvilket udgør en større hindring for unge amerikanere end AI.
Fra Goldman Sachs:
Enterprises are beginning to rapidly deploy artificial intelligence (AI), a development that will affect the entire AI ecosystem , say Goldman Sachs Asset Management’s Brook Dane and Sung Cho. During a recent visit to Silicon Valley, a company executive reported that the top 5% of corporate users are consuming three times more AI tokens than the median. These heavy users of AI are incorporating it beyond coding into agentic workflows and business operations. This surge is creating compute constraints across the ecosystem—from custom chips (ASICs) to memory and supply chains—making the bottleneck real and durable, says Dane. As processing demands grow, data centers are expected to shift from copper to fiber optics for data transmission, creating multi-year investment opportunities in the optics space. On the advertising front, Cho and Dane learned that fears that AI could cannibalize online search advertising may be unfounded. Instead, deeper AI queries give platforms richer user data, enabling more effective ad targeting and creating more advertising inventory that gets monetized, they say. Dane and Cho argue that supply constraints actually make them more bullish: Unmet demand over one year extends spending over three to five years, making the investment cycle more durable. They view current valuations as attractive and encourage investors to use market pullbacks to build positions in high-conviction areas across the AI ecosystem. “We have never seen an up cycle like this,” Cho says. “And as an investor you are always trying to figure out the right water level of demand.” Dane says the technology is “transformational.” “But we also recognize what we can actually analyze and know, and what we can only guess at.” Read the full article or find more of our insights on AI .
Biotech Stocks Are Projected to Extend Rally Amid Innovation and M&A
Biotech stocks have quietly been building a strong rally over the past year, outpacing technology companies. Two key benchmarks—the NYSE Arca Biotechnology Index and Nasdaq Biotechnology Index—returned more than 56% in the last 12 months (as of July 7), topping the Nasdaq 100’s 29% upswing in that period. “One thing I think investors should appreciate is the product cycle momentum in healthcare. Innovation is going to get rewarded,” says Asad Haider, head of US healthcare and pharmaceuticals at Goldman Sachs Research. Salveen Richter, head of US healthcare and biotechnology for Goldman Sachs Research, says small- and mid-cap biotechnology stocks stand to benefit from increased dealmaking. “Large biopharma firms are constantly searching for innovation to fill their pipelines,” she says. “And they also have to address losses of exclusivity playing out in their portfolio.” Oral obesity drugs are another important driver for the pharmaceutical industry. Goldman Sachs Research recently increased its 2030 forecast for global sales of obesity drugs by 15% to $114 billion, with oral medications expected to comprise 40% of the worldwide market. Read the full article or find more of our insights on financial markets here.
Are AI Market Gains Outpacing Economic and Corporate Fundamentals?
The AI investment boom has entered a more intense phase, but the economy isn’t following the dot-com playbook , according to Goldman Sachs Research. US tech investment as a share of GDP has surpassed its 1990s peak, and spending plans from the largest cloud and computing companies for 2026 are nearly 50% higher than estimates from just six months ago.
But the macro warning signs that preceded the dot-com bust in the late 1990s have largely not appeared, write Dominic Wilson, a senior advisor in the Global Markets Research Group, and Vickie Chang, an analyst in Goldman Sachs Research, in a report. Corporate profit margins are high, the corporate sector financial balance has remained quite stable on aggregate, and the US current account deficit has been shrinking. Recent market gains have been driven by rising earnings expectations rather than expanding valuation multiples. Still, the gap between market valuations and our analysts’ baseline forecast is widening. AI-related companies have gained roughly $27 trillion in market value since late 2022, well above Goldman Sachs Research’s baseline estimate of $9 trillion for the present discounted value of potential AI-related capital revenues to US companies. It is still possible to reconcile this market value with a macro estimate of future profit gains, but closing that gap “needs increasingly optimistic assumptions,” Wilson and Chang write. Read the full article or find more of our insights on financial markets .
Citadel CEO Ken Griffin: How AI Is Reshaping the Economy
Ken Griffin, the founder and CEO of Citadel, expects agentic AI to enable a “golden age” of entrepreneurship and eliminate some corporate moats, even as the cost of using AI creates a deep moat around other companies. Thanks to AI agents, “entrepreneurs will be able to launch new businesses at breathtaking speeds and will be able to take on incumbents in ways that you just couldn’t do five, 10, 15, 20 years ago,” Griffin says in an episode of Goldman Sachs Exchanges: Great Investors . At the same time, very high compute costs will create barriers to entry in other sectors. Griffin also says the rise of remote work has made it harder for companies to nurture talent. “As a country, the amount of human talent that has been underdeveloped because of working remotely has had a significant damaging impact on our economy,” he says. He points to a Federal Reserve paper showing that remote working is actually a more critical factor in diminishing employment opportunities for young Americans than AI. “Humans are social creatures,” Griffin adds. “We learn through apprenticeship. Mentors are really critical to our personal development and growth.” He says Citadel’s early push to get employees back in the office after the Covid pandemic helped drive the firm’s success and accelerate talent development. Listen to the full episode for more of Griffin’s take on the geopolitical competition between the US and China, the need for data centers on American soil, and the importance of nuclear power.
Hurtige nyheder er stadig i beta-fasen, og fejl kan derfor forekomme.
