Goldman Sachs(US:GS) Zhi Tong Cai Jing·2025-12-17 01:01Core 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]