Goldman Sachs: U.S. stocks are optimistic about AI, but believe that there is no technology bubble yet

Sina Financial News Goldman Sachs issued a report pointing out that U.S. stocks are optimistic about AI, but there has not yet been a technology bubble or exceeded the peak after the new crown epidemic. The bank believes the market's estimate of long-term growth rose to 11%, above the long-term average of 9%, but still below the 16% during the tech bubble and 13% in late 2021. Among the top 10 TMT stocks, the median EPS growth forecast is 15%, slightly higher than the median S&P 500 forecast of 11%, but still below the 24% during the tech bubble and the 18% in October 2021. The 10 TMTs are trading at a P/E forecast of 28x, which is also lower than the 52x during the tech bubble and the 43x in late 2021. According to the report, investors are concerned that in addition to NVIDIA, they are exploring other stocks that have the potential to benefit from AI, and believe that entering the second phase of the AI trend will involve AI infrastructure, including semiconductors, cloud service supply, equipment, data center REITs, etc., the third phase will involve companies that have improved their business models, including software and information technology, and the fourth phase will involve companies that have improved their production capacity, including software services, business and professional services, etc.