Goldman Sachs
Goldman Sachs is an American multinational investment bank and financial services company.
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Goldman Sachs: SpaceX's First Financial Report Fully Exceeds Expectations, AI Business Becomes New Growth Pole
According to TechFlow Research, SpaceX's first earnings report after listing showed Q2 revenue exceeded Goldman Sachs' expectations by about 17%, with GAAP operating profit exceeding by about 92%. AI business quarterly revenue was $7.67 billion, far exceeding Goldman Sachs' expectation of $5.6 billion; Goldman Sachs raised its 2026 AI revenue forecast by 49% to $23.3 billion. Starlink broadband subscriber count exceeded expectations, quarterly ARPU was flat quarter-over-quarter, and management expects to achieve a $100 billion annual revenue run rate by December. Starship's 14th launch may take place within a month, with hopes to achieve the first orbital attempt. Goldman Sachs raised the target price from $205 to $220, maintaining a Buy rating; the current stock price of $125 implies about 76% upside potential. Goldman Sachs believes SpaceX is simultaneously opening three trillion-level markets: space launch, satellite connectivity, and AI computing power. Short-term lock-up expiration may bring stock price volatility, but the medium-to-long-term risk-reward ratio is attractive. Goldman Sachs expects 2026 full-year free cash flow to be negative $26.3 billion, with capital expenditure remaining high.
Starlink
Starship
Goldman Sachs: SanDisk Earnings Beat Expectations but Guidance Misses Most Optimistic Outlook, Initiates Coverage with Buy
According to TechFlow Research, SanDisk's Q2 revenue was $8.97 billion, exceeding Goldman Sachs' expectation by 1.4% and market expectation by 2.9%, with a gross margin of 84.6% and non-GAAP EPS of $39.25. The Q3 revenue guidance midpoint is $10.55 billion, below Goldman Sachs' expectation by 9.5% and market expectation by 5.4%; gross margin guidance of 84% is 267 basis points below market expectation; EPS guidance midpoint of $45 meets market expectation but is lower than Goldman Sachs' $49.95. The stock price has retraced 40% from its June high. Goldman Sachs issued a Buy rating in its first coverage report on August 5, with a target price of $2,200, corresponding to approximately 54% upside potential. Goldman Sachs believes the negative reaction after the earnings report is mainly due to expectation gap correction, not fundamental deterioration; AI data center demand for NAND is forming a new growth curve, and newly signed long-term agreements are improving revenue visibility. Goldman Sachs maintains a Neutral rating on Micron, believing SanDisk's poor guidance will also drag down Micron, as the two companies' end-user demand in the NAND storage market highly overlaps.
August
June
Neutral
Goldman Sachs: Information Technology Stocks See Biggest Sell-Off in a Decade, Selling Pressure May Be Nearing Exhaustion
According to TechFlow Research, Goldman Sachs' August 3 position tracking report shows that the volume of long sales for global information technology stocks last week reached the highest level since 2014, with the total selling volume over two consecutive days ranking second highest in nearly a decade. Hedge funds' total leverage gave back half of its year-to-date gains, and net leverage turned negative year-to-date. Retail margin balances in South Korea and Japan began to reverse after reaching historical extremes, while US retail investors are also reducing semiconductor stock holdings. Speculative net shorts in VIX futures have largely been cleared. Goldman Sachs believes the intensity of deleveraging may have peaked, but the inertia of capital outflows persists. Individual stock implied volatility rose to the highest level since 2020, index correlation fell to low levels, and the market is shifting from trading the AI sector broadly to differentiated pricing of individual stocks. Bond funds and money market funds are the main drivers of capital inflows this year; equity funds saw inflows of $34 billion in July, with an absolute scale far smaller than that of the bond market. Goldman Sachs judges that the stock selection environment is improving, but sector beta trading still faces pressure.
August
Bond
Hedge
Hedge
Ondo Finance Appoints Former Blockchain.com Chief Financial Officer as CFO
According to CoinDesk, Ondo Finance announced the appointment of former Blockchain.com Chief Financial Officer Adam Schlisman as Chief Financial Officer. Schlisman previously also served at Monashee Investment Management. Ondo stated that this appointment aims to support the expansion of its tokenized assets and on-chain capital markets business. The company was founded by former Goldman Sachs executives and is currently one of the larger real-world asset tokenization platforms, with products covering blockchain-based US Treasury bonds and stocks.
based
Blockchain.com
CoinDesk
Ondo Finance
Treasury
Robinhood Launches $200 Million RVII Fund, Focusing on Y Combinator Seed-Stage Startups
According to Tech Funding News, Robinhood announced filing an IPO application for its second venture capital fund, Robinhood Ventures Fund II (RVII), planning to raise up to $200 million, issuing 7.6 million shares, priced at $25 per share, expected to list on the New York Stock Exchange under the ticker "RVII" on August 13. RVII will focus on investing in seed-stage startups founded by Y Combinator incubatees or alumni, currently holding equity in 80 private companies. Unlike the first fund (RVI), RVII charges a 2% annual management fee and a 20% performance incentive fee, with a comprehensive annual fee rate of approximately 4.18%; Robinhood itself classifies the fund as a "speculative" product, offering no shareholder redemption rights. Goldman Sachs serves as the lead underwriter, with Citigroup, JPMorgan Chase, UBS, and Wells Fargo as co-underwriters; the subscription window will close on August 12.
August
Robinhood
Stage
摩根大通
Goldman Sachs: Palantir Up 15% After Earnings, Price Target Raised to $204
According to TechFlow Research, Palantir's Q2 revenue was $1.95 billion, up 93% year-over-year, beating market expectations by 7%, with the after-hours stock price rising 15% following the earnings release. U.S. commercial business grew 150% year-over-year, accelerating further from 133% in the previous quarter. U.S. government business grew 90% year-over-year, also higher than 84% in Q1. Average revenue from the top 20 customers was $124 million (up 67% year-over-year), total contract value was $2.1 billion (up 118% year-over-year), and net revenue retention rate was 157%. Goldman Sachs raised its 12-month price target from $183 to $204, maintaining a Neutral rating, implying approximately 62% upside potential. Goldman Sachs believes enterprise AI deployment is shifting from single models to multi-model combinations, and sovereign AI demand is creating incremental opportunities. Palantir helps enterprises embed AI into workflows while retaining data control, and this positioning could become a growth catalyst for the next phase. Goldman Sachs also raised revenue forecasts for 2026 to 2028, with main concerns being that commercial business growth may slow down during a macro downturn.
Neutral
Price
Ray Dalio: AI Bubble Severity Comparable to Eve of 1929 Great Depression and 2000 Internet Crash
According to Fortune magazine, Bridgewater Associates founder Ray Dalio issued his strongest market warning to date on the "CEO Diary" program, explicitly stating that the current market bubble driven by the AI boom has exhibited "classic characteristics" highly similar to those on the eve of the 1929 Great Depression and the 2000 internet bubble. He directly expressed agreement with the assessment made by Jeremy Grantham, co-founder of GMO and a previous guest on the same program, who called it "the largest investment bubble in American history." Dalio pointed out that the core crisis of the bubble lies in the "confusion between wealth and money"—the paper wealth held by investors cannot be directly consumed. Once the market reverses and everyone sells off simultaneously, asset prices could plummet from $100 to $25, while debt remains not a penny less. He also identified two trigger factors for "bursting the bubble": rising interest rates and a surge in stock issuances. Currently, SpaceX has completed the largest IPO in history, and Anthropic and OpenAI are rushing to list with trillion-dollar valuations, which is precisely the real-world manifestation of the latter. In terms of bubble judgments, Wall Street institutions such as Goldman Sachs, Apollo, and BCA Research are also shifting stance, acknowledging that there is an "earnings bubble" in the technology sector rather than a simple valuation bubble. Dalio places this round of risk within his "Big Cycle" framework, warning that the bubble bursting is not only a financial event but could also become a trigger for political polarization and geopolitical conflicts—at that time, the real risk may not be portfolio losses, but rather with
Apollo
Bitcoiva
Eve
Street
MGBX to List GSUSDT, SMHUSDT, PYPLUSDT Perpetual Contracts
Odaily News: According to official sources, MGBX will list GSUSDT, SMHUSDT, and PYPLUSDT perpetual contract trading pairs at 18:00 (SGT) on August 4, 2026. Trading will open at 18:00 (SGT) on August 4, 2026, with support for up to 25x leverage.Goldman Sachs is a long-established financial institution founded in 1869, renowned as one of the world's leading investment banks. The SMHUSDT perpetual contract tracks the price of the VanEck Semiconductor ETF, one of the largest and most liquid exchange-traded funds (ETFs) focused on the semiconductor industry globally. Additionally, PayPal, spun off from eBay in 2015, focuses on online transactions, providing electronic payment solutions for merchants and consumers.
August
MGBX
PayPal
SharedStake
Goldman Sachs: AI Enterprise Adoption Rate Rises to 21.5%, Data Center Construction Jobs Increase by 290,000
According to TechFlow Research, Goldman Sachs' July AI Adoption Tracker Report shows that the U.S. corporate AI adoption rate rose to 21.5%, an increase of 0.9 percentage points from the previous month, and is expected to reach 24.3% in six months. The Gallup survey shows that 47% of U.S. employees stated that their organizations have adopted AI, higher than 41% in the previous quarter. Semiconductor revenue is expected to reach $834 billion by the end of 2026; AI-related hardware investment has surpassed 2022 levels, reaching $463 billion, accounting for 1.4% of GDP. Data center-related construction jobs have increased by 290,000 since 2022, with an average monthly increase of about 14,000. Layoffs caused by AI cumulatively reached 102,000 in the first half of the year. Goldman Sachs believes that AI is moving from the proof-of-concept stage to the actual deployment stage, economic penetration is accelerating, but the labor impact remains concentrated in specific industries. Academic research shows that AI boosts productivity by an average of about 23%, and industries with higher adoption rates have shown signs of accelerated productivity growth. Goldman Sachs' judgment is that AI is reshaping the economic structure, and the market may be underestimating the depth of AI's integration into the economic system. Goldman Sachs Research Report Analysis: Corporate AI adoption rate rose to 21.5%, data center construction jobs increased by 290,000.
Center
DataPig
Goldman Sachs: August Conviction List Adds 6 Stocks, AI Theme Expands to Consumer and Industrial
According to TechFlow Research, Goldman Sachs released the monthly update of its US Stock Conviction List on August 3, adding Applied Materials (AMAT), Delta Air Lines (DAL), Microsoft (MSFT), O'Reilly Automotive (ORLY), Viking Holdings (VIK), and UPS (United Parcel Service), and removing Broadcom (AVGO), Dick's Sporting Goods (DKS), Johnson & Johnson (JNJ), and ServiceNow (NOW). In July, the S&P 500 Equal Weight Index outperformed the S&P 500 Index by approximately 435 basis points, and index correlation fell to a near-decade low. Goldman Sachs believes the stock selection environment is improving following the unwinding of AI momentum, with new additions spanning six sectors: semiconductor equipment, aviation, logistics, auto parts, cruise lines, and enterprise software. MSFT and AMAT carry the AI computing power logic, while the four non-AI stocks bet on economic and consumer resilience. The four removed stocks still maintain a Buy rating; their removal reflects the committee's view that there are more attractive opportunities on the current list.
August
ChangeNOW
Conviction
Lines
NOWChain
Parcel
Goldman Sachs: Global AI Investment Nears 1 Trillion, Market Commonly Uses 800 Billion, Omits 200 Billion
According to TechFlow Research, a Goldman Sachs research report on August 2 pointed out that the market commonly uses approximately $800 billion capex of hyperscalers in 2026 to estimate AI investment, which actually underestimates the global scale by about $200 billion. After adjustments for private companies, non-US enterprises, etc., Goldman Sachs estimates global AI investment in 2026 to be approximately $1.019 trillion, with the US at approximately $581 billion. The figures derived from three independent estimation methods (Augmented Hyperscaler Method, Gross Profit Adjustment Method, Trade Data Method) are highly consistent. AI investment as a share of US GDP is expected to rise from 1.8% in 2026 to 2.5% in 2027, reaching 2.8% in 2028, entering the historical range of general-purpose technology infrastructure cycles.
August
DataPig
Market
Goldman Sachs: Cloud Vendors capex Raised to $220 Billion, ASML and Other Semiconductor Equipment Manufacturers Directly Benefit
According to TechFlow Research, Goldman Sachs' July 31 research report pointed out that the capital expenditures of the four major cloud vendors continued to be upwardly revised in the second quarter. Amazon raised its 2026 cash capex guidance from $200 billion to $220 billion, Google raised its guidance to $195-205 billion, and Meta narrowed its range to $130-145 billion. TSMC's revenue guidance was revised up to growth of over 40%, and capital expenditure was raised to $60-64 billion. Lam Research raised its 2026 WFE estimate to the $150 billion range, KLA similarly raised its estimate to over $150 billion, and believes $190 billion is a reasonable level for 2027. Goldman Sachs believes the AI capital expenditure transmission chain is strengthening at each level, from cloud vendors to foundries to equipment vendors, with every link confirming demand. ASML benefits from EUV and advanced DUV demand, ASMI benefits from ALD and epitaxy demand, BESI benefits from the adoption of custom chips and advanced packaging investment, Nebius benefits from the expanding compute gap, and Technoprobe benefits from increased testing intensity. Goldman Sachs assesses that the market may have underestimated the sustainability and breadth of benefits in the upstream equipment segment.
AladdinDAO
Directly
Mingshi-affiliated quantitative firm Jupiter's fund loses over 40% in July
Odaily News: Jupiter Research Capital, affiliated with China's well-known quantitative investment firm Mingshi Investment, has suffered heavy losses during the sharp decline in AI-related stocks, with net value dropping over 40% in just over three weeks since July.Investor update data shows that the fund lost less than 7.5% in the first three trading days of July, but losses had widened to approximately 43% by July 24. The fund, which managed around $186 million earlier this year, employs a market-neutral strategy with 2-4x leverage.Recently, as concerns over the sustainability of AI investment have intensified, stocks across the global AI supply chain have pulled back sharply, putting pressure on hedge funds heavily exposed to AI themes. Goldman Sachs noted a "quantitative earthquake" in the Chinese market, where momentum strategy reversals have triggered unwinding pressure on AI and small-cap related positions. (Bloomberg)
Jupiter
Data: Over 500,000 Korean leveraged retail accounts may have been fully liquidated
The Kobeissi Letter posted on X, citing Goldman Sachs data, that as of July 13, over 1.2 million leveraged retail trading accounts in South Korea triggered margin calls, with an estimated 320,000 to 360,000 accounts having been fully liquidated, accounting for approximately 3.4% of South Korea's adult population. And as the Korea Composite Stock Price Index (KOSPI) has fallen by about 18% since July 13, it is now estimated that the number of accounts that have been fully forcibly closed has exceeded 500,000.
Price
Goldman Sachs: US Stocks Range-Bound in August, Deleveraging Nearing End
According to TechFlow Research, Goldman Sachs' research report on July 29 pointed out that the 5-year historical percentile of the total leverage ratio of global accounts remains at the 93rd percentile, the hedge fund long-short ratio has decreased from 5.7 times to 3.2 times, and deleveraging progress exceeds 90%. In July, net inflows into US stock funds were $34 billion, marking the third highest level for the same period in nearly 20 years. The S&P 500 fell below the short-term trigger level of 7,453 points; if it continues to decline, it will trigger concentrated CTA selling. Goldman Sachs estimates that systematic strategies hold approximately $196.3 billion in US stock long positions, with CTA positions at the 44th percentile. Goldman Sachs judges that US stocks are unlikely to have a trending market in August, with overall performance dominated by range-bound oscillation. Buybacks are the most certain buying support in August; currently, about 31% of S&P 500 constituents are in the buyback window, and it is expected that over 90% of companies will end the quiet period by mid-August. However, seasonal capital outflows, quantitative selling, and conservative institutional positions jointly suppress upward space. Goldman Sachs recommends reverse dispersion strategies and IWM put options as hedging tools.
August
Bound
Cross The Ages
Range
Goldman Sachs Tests Market for Microsoft-Linked Data Centers, Plans to Issue $5.4 Billion Debt
According to Bloomberg, Goldman Sachs Group is gauging investor appetite for a potential $5.4 billion debt issuance plan, with the proceeds to be used to support the QTS data center project under Blackstone tied to Microsoft. The debt structure includes approximately $4.9 billion in secured bonds and approximately $500 million in term loans. Affected by recent sell-offs in AI-related debt, the issuance timing is still under discussion, and the plan remains uncertain.
Market
Binance to Add 10 bStocks as Margin Assets on July 29, 2026
According to an official announcement, Binance will add 10 bStocks tokens as eligible collateral assets in Cross Margin, Portfolio Margin, and Portfolio Margin Pro at 12:00 (UTC) on July 29, 2026. These include Apple (AAPLB), BloomEnergy (BEB), Amazon (AMZNB), Direxion Semiconductor Bear 3X ETF (SOXSB), Dell (DELLB), FluenceEnergy (FLNCB), Applied Materials (AMATB), PayPal (PYPLB), Goldman Sachs (GSB), and VanEck Semiconductor ETF (SMHB). The corresponding trading pairs will be available for margin trading. This feature is only available to VIP3 users and above, and is subject to regional restrictions.
Apple
Binance
PayPal
VIP3
Robinhood Meme Coin Weekly Trading Volume Surpasses Solana, Tokenized Stock Holders Rank First but Asset Size Accounts for Only 1% of Market
Approximately one month after its launch, Robinhood Chain has surpassed Solana in two metrics: Meme coin trading volume and the number of tokenized stock holders. On-chain data shows that Robinhood Launchpad's weekly trading volume reached $1.23 billion, surpassing Solana's core Meme coin platform PumpSwap's $1.22 billion for the first time; in terms of tokenized stock asset holders, Robinhood Chain leads with 330,000 users, followed closely by Solana with 281,000, while BNB Chain ranks third with 214,000. However, the lead in holder count has not translated into an advantage in asset scale—Robinhood Chain accounts for only about 1% of the over $2 billion tokenized stock market. Additionally, Meme coin hype cooled off towards the end of the month, with the chain's DEX daily trading volume falling from a peak of $900 million to around $500 million. To date, Robinhood Chain has generated cumulative revenue of approximately $3 million. On the stock front, institutional analysts from Bernstein, Goldman Sachs, and others maintain a bullish outlook on HOOD stock, with a target price of $122, representing approximately 31% upside potential from the current price of $92.7.
Binance
BNB Chain
Chain
Market
NewDex
Robinhood
Goldman Sachs: China AI Developers May Shift to "Paid Weights" Commercial Licensing Model
According to the South China Morning Post, Goldman Sachs stated that as the usage of Chinese AI models grows rapidly globally, Chinese AI developers may start charging commercial licensing fees to cloud platforms in the future to host their open-weight models.
Goldman Sachs: Apple Market Cap Overtakes Nvidia, Price Target Raised to $370
According to TechFlow Research, on Monday (July 27), Apple rose over 1%, with its market cap reaching $4.94 trillion, surpassing Nvidia's $4.78 trillion to return to the top spot in global market cap. Over the past month, Apple outperformed the Nasdaq 100 Index by 23 percentage points, marking the largest single-month excess return since 2005. Goldman Sachs raised the target price from $330 to $370 on the same day, maintaining a Buy rating, citing increased confidence in the iPhone upgrade cycle and AI strategy. Apple will release its Q3 earnings report on Thursday, with the market expecting EPS to be $1.89. This market cap overtaking occurred against the backdrop of growing investor concerns over the ROI on huge AI capital expenditures, with Google's FCF turning negative and Nvidia facing sell-offs, while Apple became a safe haven instead due to restrained AI spending.
Apple
Cap
Market
Price