Goldman Sachs
Goldman Sachs is an American multinational investment bank and financial services company.
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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.
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.
Based
Based
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.
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