Goldman Sachs: AI Trading Shifts as Market Scrutinizes Capital Returns on June 25

According to Goldman Sachs strategists reported by BlockBeats on June 25, AI trading is entering a more differentiated phase. The market still believes in the AI investment cycle but no longer applies uniform valuation frameworks to all AI companies.

Hardware suppliers in the AI infrastructure chain—including Nvidia, Taiwan Semiconductor Manufacturing Company, and semiconductor equipment and server suppliers—have benefited from increased capital expenditure by major cloud providers. However, the hyperscalers themselves (Amazon, Alphabet, Meta, and Microsoft) have not shown proportionally strong stock performance. Investors are rewarding "the sellers" while remaining cautious about "the spenders," increasingly questioning whether massive AI investments will translate into profits, free cash flow, and shareholder returns.