Goldman Sachs
Goldman Sachs is an American multinational investment bank and financial services company.
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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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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
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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.
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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
Memory
Node AI
Onboard
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.
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August
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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)
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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.
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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