Goldman Sachs(US:GS) Ge Long Hui A P P·2026-01-02 02:08Core Viewpoint - Investors' attitudes towards AI have shifted from long-term productivity visions reminiscent of the 1990s to a focus on immediate, quantifiable profit performance [1] Group 1: Market Sentiment - The current market is more cautious compared to the internet bubble era, with lessons learned from past overvaluations influencing investor behavior [1] - The focus on sectors such as semiconductors, hyperscale data centers, and utility companies reflects this cautious sentiment [1] Group 2: Speculation Levels - Speculative activities in the market have significantly decreased compared to the internet bubble, as indicated by Goldman Sachs' "speculative trading indicator" [1] - This indicator shows that the level of speculation is currently much lower than it was 25 years ago and even below the levels seen during the market surge in 2021 [1] - The current investment environment is described as potentially the "least frenzied yet often labeled as a bubble" in modern history [1]