GOLDMAN SACHS: THE AI BUSINESS BEGAN TO DIVIDE, THE “JOINING UP” PHASE OR IS OVER

On 14 August, Goldman Sachs argued that the multi-head logic of AI had not disappeared, but that the market was shifting from a highly related "basket of AI" to a subject-by-theme re-pricing. During the July adjustment period, panels such as Memoory, AI semiconductor, light communications, data centre and Neocloud were largely synchronized for sale, which was closer to a general silo being cleared; however, after August, there was a marked fragmentation of the rebound. From a low point of view, optical communications rebounded by about 32 per cent, Neocloud by about 20 per cent, the AI data centre by about 17 per cent, while Memory was only about 12 per cent and AI Power by about 6 per cent. According to Goldman Sachs, this is an indication that funds are beginning to distinguish between the profit cycles, valuations and fundamentals of different AI links: the new main line of "Inference Economy" appears in the software, while Memory moves from price increases and profit improvements to focus on price stability, LTAs and capital returns. While the AI transaction was not closed, the stage of obtaining a uniform valuation premium based solely on the AI label was passing。