Goldman Sachs
Goldman Sachs is an American multinational investment bank and financial services company.
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Tom Lee: Core PCE Could Fall 100 Basis Points Without Rate Hikes
Tom Lee posted on X platform, agreeing with Mark Zandi's view that the Federal Reserve does not need to immediately choose between two options and can wait. Goldman Sachs estimates that the supply shock driving core PCE higher currently stands at 1.75 percentage points and will weaken by 100 basis points to 0.75 percentage points by early 2027; without rate hikes, core PCE will fall by 100 basis points. He stated that when the market is positioned for bearish news, the market may rise after the event occurs.
Basis
Basis
Core
Core
AI startup Temporal completes $550 million in funding, reaching a valuation of $12.55 billion.
According to Reuters, AI startup Temporal announced the completion of a $550 million late-stage funding round, more than doubling its valuation to $12.55 billion over seven months. The round was led by Lightspeed Venture Partners, with Wellington Management, Growth Equity under Goldman Sachs Alternatives, and Tiger Global participating as co-leads. SV Angel and T. Rowe Price Associates advisory accounts also participated, while existing investors Andreessen Horowitz (a16z), Sequoia Capital, and GIC continued their investment. The funds will be used to expand global operations and advance platform R&D. Founded in 2019, Temporal develops open-source software that helps applications, including AI agents, recover from failures, reducing the need for engineers to write custom recovery code. Its customers include OpenAI, Snap, Nvidia, Netflix, and JPMorgan Chase. The company employs 570 staff members and maintains an annualized revenue run rate of over $250 million, representing more than double year-over-year growth. In February this year, the company completed a round led by a16z at a $5 billion valuation
Price
Temporal
Temporal
Goldman Sachs: Micron's Quarterly Revenue Seen at $51.9 Billion, Capital Returns Take Center Stage
According to Chaoxiang Research, Goldman Sachs' September 11, 2026 research report projected Micron's current quarter revenue at $51.9 billion, gross margin at 87.3%, and earnings per share at $32.54, all surpassing market consensus. Goldman Sachs expected guidance for the November quarter to show revenue of $57.7 billion and earnings per share of $37.06. The firm forecasted CY26 revenue at $262.3 billion, 1% above market consensus. Goldman Sachs maintained a neutral rating on Micron with a 12-month price target of $1,100, representing a 12.5% upside from the September 10 closing price of $977.41.
Center
Stage
Goldman Sachs: 30-Year U.S. Treasury Yield at 5.3%, Bull Market Will Still Continue
According to TechFlow Research, Goldman Sachs' Sept. 11, 2026 research report indicates that the 30-year U.S. Treasury yield has risen to 5.3%, marking its highest level in nearly two decades, while the 10-year U.S. Treasury yield has climbed to nearly 5%, reaching a new high since October 2023. The S&P 500 forward P/E ratio has declined from 22x at the start of the year to 19x, and the index remains within 2% of its historical peak. Goldman Sachs economists expect the Federal Reserve to raise interest rates by 25 basis points next week.
Market
Treasury
Goldman Sachs: NVIDIA Price Target $300, AI Market Projected at $3 Trillion to $4 Trillion by 2030
According to Chaoxiang Research, a Goldman Sachs Group research report dated September 10, 2026 indicates that Nvidia reiterated at the Communacopia + Technology 2026 conference that the addressable market for AI will reach $3 trillion to $4 trillion by 2030. Goldman Sachs maintains its Buy rating on Nvidia with a 12-month price target of $300. Based on the September 9 closing price of $223.67, this represents an upside potential of 34.1%. The price target is calculated using a 30x P/E multiple applied to normalized earnings per share of $10. Management reiterated expectations for approximately 70% year-over-year growth in CY27.
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Based
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NVIDIA
Price
"AI Stock God" Leopold appears to be making a comeback, as mysterious funds are concentratedly building positions in AI-related call options
Odaily reports: US stock analyst Paradis posted on X that the suspected "AI stock god" Leopold Aschenbrenner and his fund Situational Awareness appear to be making a comeback.Paradis noted that since last Friday, mysterious funds have begun intensively buying several highly concentrated massive custom AI-related options (FLEX Calls), with total premium reaching $315 million; Delta exposure of $1.1 billion; Vega of $5.8 million. Position details are as follows.- SNDK: January-expiry 2040/2200 call options — $57 million premium, $198 million Delta, $1.04 million Vega.- BE: January-expiry 250/310 call options — $48 million premium, $140 million Delta, $565,000 Vega.- INTC: January-expiry 105/115 call options — $48 million premium, $185 million Delta, $870,000 Vega.- CRWV: January-expiry 105/115 call options — $43 million premium, $160 million Delta, $770,000 Vega.- DRAM: January-expiry 65/70 call options — $43 million premium, $173 million Delta, $855,000 Vega.- SKHY: January-expiry 190/210 call options — $39 million premium, $148 million Delta, $710,000 Vega.- AMD: January-expiry 540/580 call options — $36 million premium, $193 million Delta, $1.08 million Vega.If we next see similar large block FLEX call option buy orders on MU, NBIS, and TSM, that would essentially confirm it was Leopold and his fund behind the trades.The above data comes from CBOE. Trading desks at Nomura (NMR) and Goldman Sachs (GS) currently share the same view, both believing there is a "single mysterious buyer" behind it.
Numerai
Goldman Sachs: Apple iPhone 18 Pro Price Increases by $100, Offset by Up to $1,200 in Carrier Subsidies
According to Chaoshi Research, Goldman Sachs' September 9 research report indicated that Apple has released the iPhone Duo, iPhone 18 Pro and Pro Max, Apple Watch Series 12 and Ultra 4, and AirPods 5. The iPhone Duo starts at $1,999, while the starting prices for the iPhone 18 Pro and Pro Max have been raised by $100 each to $1,199 and $1,299, respectively. AT&T and T-Mobile are offering trade-in subsidies of up to $1,200, reducing the actual out-of-pocket price for the iPhone 18 Pro to zero under eligible plans.
Apple
Carrier
Duo
MAX
Price
Ultra
Goldman Sachs: SanDisk NBM Locks in 80% Gross Margin, Target Price Seen at $2,200
According to TechFlow research, a Goldman Sachs research report dated September 9, 2026 notes that SanDisk revealed at the Communacopia conference that long-term NBM agreements have covered 50% and 67% of the planned shipment volumes for FY27 and FY28, respectively. Even under a bearish scenario of declining NAND prices, floor price clauses can still sustain a gross margin of approximately 80%. Supply-side expansion is constrained, with new capacity from Chinese competitors largely absorbed by the domestic market. HBF and KV cache unlock long-term growth potential, while low capital intensity of around 5% supports bit growth. The company has executed approximately $4.5 billion in share repurchases.
Price
Goldman Sachs: Crypto Market Cap Up 34% in Q3, Brokerage and Crypto Stock Target Prices Raised
According to Chaoshang Research, Goldman Sachs' September 8, 2026 research report states that the crypto market cap has risen 34% since the start of Q3, with the average Q3 2026E revenue for the coverage group revised up by 10% and the median 2026 EPS revised up by 1%. The median target P/E multiple rose from 29.5x to 32.5x. Target prices for individual stocks were broadly raised: COIN from $196 to $219 (+12%), CRCL from $81 to $92 (+14%), ETOR from $32 to $36 (+13%), GLXY from $25 to $28 (+12%), BTGO from $6.50 to $7.25 (+12%), and GEMI from $3.50 to $4.00 (+14%).
Cap
Market
Bank of America Completes USDC Stablecoin Cross-Border Payment Test, Exploring Broader Commercial Applications
According to CoinDesk, U.S. Bank, the fifth-largest commercial bank in the United States, announced that it has completed a cross-border real-time payment using its self-developed US dollar stablecoin, USBDC. The transaction was executed between entities in North America and Europe via the Stellar blockchain. This test covered USBDC’s minting, redemption, freezing, and recall functions, while also verifying the compatibility of the bank's internally developed Digital Asset Platform with its financial, compliance, and risk control systems. U.S. Bank stated that it is exploring the application of USBDC in scenarios such as cross-border financial operations, liquidity management, and collateral transfers, though it has not yet disclosed a timeline for customer rollout. Previously, 21 financial institutions including Bank of America, Citigroup, and Goldman Sachs announced plans to jointly issue a stablecoin, while several European banks have formed the Qivalis alliance to issue a euro stablecoin, indicating an increasingly clear trend of banks entering the stablecoin sector.
Circle
CoinDesk
Digital Asset
Stellar
Test
Goldman Sachs: Google Cloud’s 17 Product Lines Generate Over $1 Billion in Annual Revenue, With Gemini Customer LTV 50% Higher
According to Tide Research, Goldman Sachs' September 8, 2026 report indicates that Google Cloud CEO Thomas Kurian revealed at the Communacopia conference that Google Cloud currently has 17 product lines generating annual revenues exceeding $1 billion. New customer acquisition has grown by more than 2 times both year-over-year and quarter-over-quarter, and transactions exceeding $100 million have also increased by more than 2 times. Approximately 80% of Google Cloud customers are using AI products, while roughly 90% of Fortune 100 companies utilize Gemini Enterprise and Google Cloud security services. The five-year customer lifetime value for Gemini Enterprise customers is projected to be approximately 1.5 times higher than that of non-Gemini customers. On average, AI customers utilize 1.8 times more Google Cloud products than non-AI customers. Google Cloud is establishing differentiated competitiveness through its vertically integrated AI technology stack.
Gemini
Higher
Lines
Tide
Goldman Sachs: Broadcom Reiterates AI Revenue Target of 230 Billion, 1GW Cluster Generates 30 Billion Annually
According to Chaotiang Research, a Goldman Sachs research report dated September 8, 2026 notes that Broadcom reaffirmed its FY27/FY28 AI revenue targets of $115 billion and $230 billion at the CommunaCopia conference, stating that supply, not demand, remains the primary constraint. Land acquisition, power capacity, and facility construction for data centers represent the true bottlenecks to AI deployment, whereas supply chain constraints remain relatively manageable. Broadcom’s $35 billion XPV partnership with Blackstone and Apollo can support over 20 gigawatts of AI compute capacity while capping Broadcom’s direct financial exposure. A 1-gigawatt AI cluster generates approximately $30 billion in annual revenue, with annual operating costs of around $10 billion. Broadcom believes that the economic value of AI primarily flows to the owners of frontier models. Annual industry training expenditure stands at approximately $200 billion. Frontier models capture roughly 75% of industry revenue ($120 billion in revenue against $100 billion in costs), while open-source models generate only about $30 billion in revenue despite similar investment levels. Goldman Sachs maintains a Buy rating, setting a target price of $540 based on 30x normalized earnings per share of $18, implying approximately 51% upside from the current stock price.
Apollo
based
Frontier
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
Cherry
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
Robinhood
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.
Share
Share
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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Conviction
Market
Treasury
Trend
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.
Focus
Key