Core Insights - Major investment banks, including Goldman Sachs, Morgan Stanley, and JPMorgan, are restructuring their TMT investment banking teams to capitalize on the booming AI technology sector [1][2] - Goldman Sachs' recent report indicates strong demand for AI server clusters, expected to continue through 2026, with optical network equipment also showing robust demand [1][3] - The AI infrastructure investment wave is projected to reach $3 trillion to $4 trillion by 2030, driven by unprecedented demand for AI computing power [4] Investment Banking Restructuring - Goldman Sachs is creating a new global infrastructure technology business unit, integrating telecom and CoreTech teams, led by Yasmine Coupal and Jason Tofsky [1][2] - A separate global internet and media team will be led by Brandon Watkins and Alekhya Uppalapati, as part of the restructuring efforts [2] AI Market Dynamics - OpenAI plans to invest approximately $1.4 trillion in building large-scale AI infrastructure to support AI training and inference [2] - Demand for AI ASIC clusters, led by Google, is expected to grow faster than AI GPU shipments, which will also maintain strong growth [2][3] - The DRAM market is experiencing moderate supply growth, with demand significantly outpacing supply, leading to expectations of substantial price increases [3] Stock Market Outlook - Goldman Sachs' stock strategists predict that the S&P 500 index will reach around 7600 points next year, indicating a potential 10% upside from current levels, driven by AI technology adoption and resilient economic growth [3][4] - The overall earnings per share for S&P 500 companies are expected to jump by 12% next year, with a further 10% increase in 2027 [3] AI Infrastructure Investment - The AI infrastructure investment wave is still in its early stages, with significant investments in AI hardware expected to continue [4] - The recent launch of Google's Gemini3 has sparked a new wave of AI applications, further validating the ongoing demand for AI computing infrastructure [4]

Core Viewpoint - Goldman Sachs anticipates that the Federal Reserve may be more willing to lower interest rates next year than previously assumed by the market [1] Group 1: Federal Reserve's Stance - Josh Schiffrin, Chief Strategist and Head of Financial Risk at Goldman Sachs, indicates that recent comments from Powell signal growing internal concerns within the Fed regarding the sustainability of employment conditions [1] - The Fed's current position remains to keep interest rates unchanged while assessing upcoming data, but the threshold for additional rate cuts may be lower than market concerns prior to the meeting [1] Group 2: Employment Reports and Economic Outlook - Upcoming employment reports will be crucial in determining whether the Fed will resume a more accommodative policy, with particular focus on the unemployment rate rather than the overall growth in non-farm payrolls [1] - Goldman Sachs projects that the easing cycle could extend until 2026, with the federal funds target rate potentially falling to 3% or lower, reflecting expectations of continued moderate inflation and increased slack in the labor market [1]

Final trade. What do you got. >> Goldman Sachs.>> All right. ...

Core Insights - The article highlights a final trade discussion involving Goldman Sachs, indicating ongoing market activities and potential investment opportunities [1] Company Insights - Goldman Sachs is actively engaged in trading discussions, reflecting its role in the financial markets and investment banking sector [1]

Core Insights - Goldman Sachs Asset Management and T. Rowe Price Group have launched their first co-branded model portfolios, marking the beginning of their strategic alliance announced in September 2025 [1][6] Group 1: Portfolio Details - The co-branded model portfolios are available through GeoWealth's unified managed account platform, enabling Registered Investment Advisors to offer diversified portfolios within a single account [2] - Four portfolios currently available include the "Goldman Sachs T. Rowe Price Dynamic ETF Portfolio," "Tax-Aware Dynamic ETF Portfolio," "Dynamic Hybrid Portfolio," and "Tax-Aware Dynamic Hybrid Portfolio," targeting mass-affluent and high-net-worth clients [3] - A fifth model portfolio, "Goldman Sachs T. Rowe Price High Net Worth Portfolio," is set to launch in the first half of 2026, specifically designed for high-net-worth investors [4] Group 2: Strategic Collaboration - The collaboration follows Goldman Sachs' $1 billion strategic investment in T. Rowe Price, aimed at developing new investment products and expanding wealth-channel offerings [6] - The partnership combines Goldman's Multi-Asset Solutions team expertise with T. Rowe Price's retirement and wealth management capabilities, providing advisors with coordinated support from over 200 wholesalers and dedicated model specialists [5] Group 3: Performance Metrics - Over the past six months, shares of Goldman Sachs and T. Rowe Price have increased by 42.4% and 13.1%, respectively, outperforming the industry growth of 25% [8]

Sarah Naan Terano, a global head of capital markets, private wealth management, capital markets at Goldman Sachs private wealth management. Sarah, thanks for having us in. It's great to have you.>> Thanks so much for having me. Happy to be here. >> So, we talked to Ashook at the top of the hour about a pretty constructive house view on 26, which I'm assuming you share to some degree.Yeah, >> I do. Um, I think for all the reasons Ashoke said, we're quite constructive. I think, you know, if you look at what o ...

Here with me now at the Goldman Sachs trading floor in a CNBC exclusive is Goldman's co-head of global markets and banking Ashook Verdon. It's become a little bit of a tradition to do this at the end of the year. >> Yeah, welcome back to the trading floor call.>> Thanks for having us Ashook. So the Hasset view is kind of rhymes with what you what you what you believe will happen in 26 and that is growth can accelerate and we'll we can get back to target. >> Absolutely.uh you know maybe for a little bit diff ...

来源：滚动播报 美联储终止针对高盛的2020年罚款相关执法行动。 ...

Group 1 - Several foreign institutions, including UBS, JPMorgan, and Fidelity International, believe that Chinese assets have a solid foundation for continued rebound due to profit growth, accelerated innovation, and attractive valuations in their 2026 macroeconomic and stock market outlooks [1] - International long-term capital is showing strong interest in Chinese assets, particularly in sectors like healthcare, robotics, and low-altitude economy, with significant investments from Middle Eastern funds [2] - As of November, foreign long-term capital net bought approximately $10 billion in A-shares and H-shares, contrasting sharply with an outflow of about $17 billion in 2024, indicating a positive trend in foreign investment [3] Group 2 - Deutsche Bank projects that consumption will remain the main driver of China's economic growth, with a recovery in investment contributions and strong export performance [4] - The Central Economic Work Conference emphasized the need for effective qualitative improvements and reasonable quantitative growth in the economy, which is expected to support ongoing structural reforms [5] - UBS highlights that the technology sector in China represents one of the most significant global opportunities, with expected corporate profit growth of up to 37% in 2026, driven by ample liquidity [6]

Core Viewpoint - The global financial markets are undergoing a significant repricing driven by a reassessment of the U.S. economic growth outlook, with cyclical assets outperforming defensive sectors and a notable rebound in risk appetite indicators [1][3]. Group 1: Market Dynamics - Goldman Sachs' risk appetite indicator reached 0.75, the highest level since January, indicating a strong performance of risk assets driven by improved growth expectations [3]. - The PC1 "global growth" factor recorded one of its largest rebounds since 2000 over the past three weeks, reflecting a significant reassessment of growth expectations [3]. - The market's growth reassessment is highly synchronized with global macro surprise indices, with macro data from developed and emerging markets generally exceeding expectations [3]. Group 2: Sector Performance - Cyclical sectors, particularly materials and financials, have significantly outperformed defensive sectors in this growth reassessment, with the S&P 500 expected to see a 12% growth in earnings per share by 2026 [4]. - The rise in U.S. and German 10-year government bond yields is primarily driven by real interest rates, while inflation pricing has lagged behind the rebound in cyclical assets [4]. - The commodity market has also benefited from improved growth expectations, with copper prices showing strong performance as an economic growth indicator [7]. Group 3: Asset Allocation Strategy - Goldman Sachs maintains a moderately risk-on asset allocation strategy for 2026, recommending an overweight in equities over the next 3 to 12 months, with neutral positions in bonds, commodities, and cash, and an underweight in credit [8]. - The importance of diversification and hedging strategies is emphasized to protect equity overweight positions, with tools such as front-end rate receivers and CDS buyers being considered effective for hedging against negative growth shocks [8]. - Current U.S. equity pricing reflects growth expectations close to market consensus but has further upside potential if economic data continues to exceed expectations, particularly if U.S. growth reaches Goldman Sachs' forecast of 2.5% [8].