Goldman Sachs seminar: AI transactions shift from hardware to applications, and the market is eager for the "next AI story"

According to Wall Street reports, Bu Shuqing pointed out that Goldman Sachs believes that the AI investment narrative is changing, from the chip arms race to the "inference economy" and personal intelligence stage. The market has accumulated over the past four years and is accelerating its pace. In Goldman Sachs 'recent "The Macro Call" podcast, chief U.S. equity strategist Ben Schneider and TMT expert Pete Callahan discussed in depth the evolution of AI trading structure, market coverage, key highlights of the third quarter earnings report and year-end market trends. Two Goldman Sachs analysts agreed that the current stock market still shows resilience in an environment of high interest rates, and its core driving force comes from the strong earnings performance of large technology stocks. At the same time, they pointed out that the theme of AI investment is undergoing a profound narrative shift. Pete Callahan particularly emphasized that the focus of AI transactions is moving up, from the initial "shovels" phase centered on hardware equipment to the "water selling" model that focuses more on the basic service layer.