23 June 2025 | 7:07AM EDT US Economics Analyst Salvaging the Soft Data: How Companies Say They Are Responding to Tariffs (Walker / Mericle) Jan Hatzius +1(212)902-0394 | jan.hatzius@gs.com Goldman Sachs & Co. LLC Alec Phillips +1(202)637-3746 | alec.phillips@gs.com Goldman Sachs & Co. LLC David Mericle +1(212)357-2619 | david.mericle@gs.com Goldman Sachs & Co. LLC Ronnie Walker +1(917)343-4543 | ronnie.walker@gs.com Goldman Sachs & Co. LLC Manuel Abecasis +1(212)902-8357 | manuel.abecasis@gs.com Goldman Sac ...

S/D model update on silicon wafer, SiC substrate, GaN. China capacity and implications to global players As a global team, we review and refresh our S/D model across (1) silicon wafers, (2) SiC substrate, (3) GaN devices, and (4) IGBT (Exhibits 8, 10, 12, 32). Key conclusions: (1) Chinese in China: Local coverage (local production/ local demand) of 12-inch silicon wafer/ 6-inch SiC substrate to grow from 41%/ 80% in 2024 to 54%/ 87% in 2027E. (2) Pricing: 8-inch silicon wafer ASP to decline 10% CAGR in 2024 ...

23 June 2025 | 10:50PM HKT China: GS Economic Indicators Update: June (Song) Please find an update of our proprietary economic indicators below. The data behind our proprietary economic indicators can be downloaded here. (Methodology notes available in the appendix.) GS Proprietary Economic Indicators in April Source: Goldman Sachs Global Investment Research, NBS, CEIC Andrew Tilton +852-2978-1802 | andrew.tilton@gs.com Goldman Sachs (Asia) L.L.C. Hui Shan +852-2978-6634 | hui.shan@gs.com Goldman Sachs (Asi ...

23 June 2025 | 9:10PM EDT Tesla Inc. (TSLA): Tesla begins robotaxi operations - initial takeaways Based on available data on Tesla's robotaxi launch from news reports and the social media platform X, our initial view is that the launch is both a sign of the progress that Tesla has made with its FSD technology but also that scaling in the near term will be slow. We discuss our views on three key items from the launch, and valuation/stock implications in this note. Specifically: 1) Our initial thoughts on per ...

23 June 2025 | 5:00AM EDT Americas Transportation: US Tariff Impact Tracker - High Frequency Trends Potentially Reveal Ebbing in China Surge US Tariff Impact Tracker – The directional uptick in inbound traffic from China to the US ebbed last week and in fact showed slight sequential downticks of -7% for vessels and -4% for TEU's, perhaps indicative that the China surge may be somewhat abbreviated or have less depth than some may have previously thought. That said, based on other data it is possible another ...

21 June 2025 | 4:02AM HKT Asia Credit Trader China Property Debt Restructuring Still A Slow Burn Despite rising tensions in the Middle East and the spike in oil prices, Asia credit largely marched to its own tune, with spreads little changed over the week. We believe that, unless geopolitical events and/or impact from trade tariffs begin to have notable negative impact on the Global economy and recession risks re-emerge, Asia credit will continue to climb the "wall of worry", with the need to maintain carry ...

22 June 2025 | 9:37AM HKT Asia Economics Analyst Unpacking China's Export Resilience Using Granular Trade Data (Chen/Jio) Andrew Tilton +852-2978-1802 | andrew.tilton@gs.com Goldman Sachs (Asia) L.L.C. Hui Shan +852-2978-6634 | hui.shan@gs.com Goldman Sachs (Asia) L.L.C. Lisheng Wang +852-3966-4004 | lisheng.wang@gs.com Goldman Sachs (Asia) L.L.C. Xinquan Chen +852-2978-2418 | xinquan.chen@gs.com Goldman Sachs (Asia) L.L.C. Yuting Yang +852-2978-7283 | yuting.y.yang@gs.com Goldman Sachs (Asia) L.L.C. Chelse ...

Global Views: The Dog That Didn't Bark 1. Our projection for the 2025 increase in the effective US tariff rate has stabilized at around 14pp over the past two months, dramatically higher than the 2pp increase in the first Trump administration but significantly below the 20pp we assumed for two hours on April 9. Stabilization in the tariff outlook has helped financial conditions ease and pushed statistical measures of policy uncertainty down from the highs. It has also led us to shave our December 2025 core ...

22 June 2025 | 7:49PM EDT Commodity Comment: Upside Risks to Energy Prices Rise as Iran Conflict Escalates Daan Struyven +1(212)357-4172 | daan.struyven@gs.com Goldman Sachs & Co. LLC Samantha Dart +1(212)357-9428 | samantha.dart@gs.com Goldman Sachs & Co. LLC Yulia Zhestkova Grigsby +1(646)446-3905 | yulia.grigsby@gs.com Goldman Sachs & Co. LLC Ephraim Sutherland +1(972)368-0395 | ephraim.sutherland@gs.com Goldman Sachs & Co. LLC Goldman Sachs Commodity Comment Upside Risks to Energy Prices Rise as Iran Co ...

20 June 2025 | 1:52PM EDT Weekly Fund Flows US Buys Domestic Global fund flows, week ending June 18 | | | Global Fund Flows Summary | | | | --- | --- | --- | --- | --- | | | Millions USD | | % AUM | | | | 4wk sum | 18-Jun | 4wk avg | 18-Jun | | Equity | 31,288 | 45,419 | 0.03 | 0.19 | | Fixed Income | 70,798 | 19,165 | 0.20 | 0.22 | | of which: EM | 13,840 | 4,769 | 0.63 | 0.86 | | Money Markets | 55,084 | -11,734 | 0.14 | -0.12 | | FX Flows* | 58,223 | 18,166 | 0.11 | 0.14 | | | *Cross-border fund flows, e ...