Goldman Sachs released a report on China's AI computing power, predicting that domestically produced chips will account for over 50% of the market share by 2026.
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Goldman Sachs: World Model May Become a New Engine for Future AI Infrastructure, Adding New Computing Demands
According to Mars Finance, Goldman Sachs stated in its latest report that "world models" may become the second engine of future AI infrastructure demand. Unlike large language models, which primarily process text and images, world models attempt to understand causal relationships in physical and social systems, such as simulating friction, material behavior, supply chain responses, policy shocks, or corporate competitive strategies. Physical world models will support robotics, logistics, autonomous driving, and industrial design; social world models may be used for strategic extrapolation, investment decisions, governance stress testing, and policy scenario analysis. Goldman Sachs believes that world models will not replace large language models, but rather superimpose new computing demands. If their development speed exceeds expectations, current investment forecasts surrounding computing power and electricity may still be underestimated. (Cailian Press)
The 2026 China Internet Conference will be held, focusing on core topics such as the industrialization of AI, the interconnection and interoperability of computing power, and the marketization of data elements.
Mars Finance reports that the 25th China Internet Conference will be held from July 8th to 10th. This year's conference will likely focus on core topics such as the industrialization of AI, computing power interconnection, and the marketization of data elements. The Ministry of Industry and Information Technology previously released the "Computing Power Interconnection Action Plan," aiming to establish a computing power interconnection standard system by 2026, with the "Millisecond-Level Computing" special action in urban areas being promoted simultaneously. (Cailian Press)
US Stock Market Pre-Market News Highlights: SoftBank plans to launch new cloud services, betting on strong demand for AI computing power; Nvidia shares revenue with AI cloud vendors to support computing power construction; US June non-farm payroll report to be released tonight.
Mars Finance reports the following key financial news from the US stock market that investors should pay attention to: 1. US stock index futures showed mixed results. Dow Jones futures rose 0.13%, S&P 500 futures rose 0.03%, and Nasdaq 100 futures fell 0.11%. 2. International oil prices continued their decline. WTI crude oil futures fell 2.01% to $67.200 per barrel; Brent crude oil futures fell 1.66% to $70.379 per barrel. 3. International spot gold and silver prices rose collectively. Spot gold rose 0.95% to $4069.12 per ounce; spot silver rose 1.44% to $59.94 per ounce. 4. Major European stock indices all rose. The UK FTSE 100 rose 0.52%, the French CAC 40 rose 0.84%, and the German DAX 30 rose 1.00%. 5. SoftBank plans to launch its new Neocloud service in the US in July, with plans to subsequently deploy 10 gigawatts of AI infrastructure to meet the strong market demand for AI computing power. 6. Nvidia has launched a new cooperation model for AI infrastructure, providing financing support to emerging GPU cloud service providers and receiving a percentage of their revenue. 7. Elon Musk visited the Optimus robot production line at the Fremont factory, which may indicate that Tesla's humanoid robot Optimus is entering a critical mass production stage. 8. OpenAI has reportedly proposed offering a 5% stake to the US government to garner support from the Trump administration for the development of the AI industry and to help alleviate regulatory and political resistance. 9. The US Bureau of Labor Statistics will release its June non-farm payroll report at 8:30 PM Beijing time. Goldman Sachs' latest forecast is that the US will add 140,000 non-farm jobs in June, higher than market expectations. (Cailian Press)
Lenovo executive: There is no surplus computing power, whether in China or overseas markets.
Mars Finance reported on July 2nd that Abulikemu Abulimiti, Vice President of Lenovo Group and Chief Strategy Officer of Lenovo China, stated that in the long term, there is still significant room for growth in AI computing power demand in both the Chinese and overseas markets, and there is no oversupply of computing power. He noted that the number of mature, leading AI products for consumers is currently limited, and the commercialization potential for businesses has not yet been fully realized. He emphasized that the growth dividends of previous productivity revolutions have been driven by the industrial sector, indicating a huge long-term demand for computing power. (First Financial Daily)
Goldman Sachs: AI investment focus shifts to real-world industries; capital expenditure could reach $7.6 trillion over the next 6 years.
According to a recent report by Goldman Sachs, the focus of artificial intelligence (AI) investment has begun to extend to the broader real economy. While computing power, electricity, and data centers are still under rapid construction, AI is simultaneously entering real-world scenarios such as manufacturing, energy, logistics, defense, life sciences, and robotics. From 2026 to 2031, global AI capital expenditure surrounding computing, data centers, and electricity will reach approximately $7.6 trillion, with annual investment rising from $765 billion in 2026 to $1.64 trillion in 2031. Hyperscale cloud vendors may invest over $6 trillion in AI by 2030. The key to future competition will not only be models or chips, but also capital structure, energy supply, industry data, engineering capabilities, and deployment capabilities. (Cailian Press)
Goldman Sachs injects a strong boost into South Korean stocks: another 20% rise in the second half of the year! Market leverage risk is overestimated, and opportunities will spread to six main themes.
According to BlockBeats, on July 6th, Goldman Sachs released its second-half strategy framework for the South Korean stock market, maintaining its 12-month target of 12,000 points for the KOSPI index, representing over 20% upside from current levels. The core support comes from a 320% year-on-year earnings growth forecast and a forward P/E ratio of only 6.65. This indicator is 2.7 standard deviations below its historical average, the lowest since 2009. In the first half of the year, South Korean stocks led Asia with a 92% gain, but this growth was primarily driven by upward revisions to earnings rather than valuation expansion: forward EPS was revised upwards by nearly 200%, while the forward P/E ratio actually compressed slightly. Samsung Electronics and SK Hynix contributed nearly 90% of the index's gains, with their combined market capitalization weight rising to 56% and their earnings weight reaching 72%. Goldman Sachs believes this concentration reflects earnings more accurately than a bubble, but market breadth has fallen to its lowest level since the pandemic, and continued gains in the second half of the year will likely lead to increased volatility. Regarding retail investor concerns, Goldman Sachs points out that leverage levels are overvalued. The growth in leveraged ETF size is primarily driven by asset appreciation rather than new leveraged funds. The margin loan-to-deposit ratio is actually declining, indicating that retail investors still hold substantial cash reserves and their asset allocation remains heavily focused on real estate. Goldman Sachs believes that opportunities in the Korean stock market in the second half of the year will expand from memory chips to six main themes: the industrial sector (accelerated defense orders, unmet demand for VLCC replacements), robotics and physical AI (Korea's auto parts ecosystem is expected to become a core supplier of humanoid robots), batteries and power infrastructure (driven by data center energy storage demand), beneficiaries of corporate governance reforms (multiple regulations implemented since July, with over 70% of listed companies having a PBR below 1), reflation trading (semiconductor profit spillover effects driving upward revisions to GDP and extending the interest rate hike cycle), and the semiconductor capital expenditure supply chain (the government plans to invest 800 trillion won in three major projects). Goldman Sachs also warns of three risks: seasonal weakness in the third quarter, technical correction pressure from a significant deviation of the index from the moving average, and amplified volatility due to hedging operations by leveraged ETF market makers. The combination of earnings growth and low valuations makes South Korea the market with the lowest PEG ratio in Asia, and the current valuation misalignment provides significant room for stock selection in the second half of the year.