Goldman Sachs: The “pick-and-shovel” logic for AI remains unchanged, and infrastructure demand is still solid

Golden Ten Data reported on April 9 that Brook Dane from Goldman Sachs Asset Management stated that as artificial intelligence spending accelerates, investors still need to allocate assets to semiconductor companies and other AI “pick-and-shovel” players, even as geopolitical tensions rise due to the Iran war. Dane said, “The world today is more uncertain than it was four months ago. As a result, risk premiums may rise structurally. But this does not change the direction or scale of the trends we are seeing.” He noted that demand for AI infrastructure remains strong and computational power is still the scarcest resource in the market, supporting a multi-year capital expenditure cycle driven and continuously invested in by major technology companies. He said, “From a bottom-up fundamental perspective, our baseline forecast still points to accelerated growth in capital expenditures, which will remain resilient for a longer period of time. We are not at the late stage of the cycle, but rather in the early to mid stages. Within the AI infrastructure ‘pick-and-shovel’ chip ecosystem, there are still abundant opportunities to achieve wealth and growth compounding.”