华尔街又有新词！高盛抛出HALO效应：AI越猛，资金越爱“老资产”

Group 1 - The core viewpoint of the article is that companies with tangible production assets are outperforming the market as investors seek safe havens from AI disruption risks [1] - Goldman Sachs' team reported that since the beginning of 2025, a basket of capital-intensive stocks has outperformed light-asset stocks by approximately 35% [1] - The "HALO effect" refers to the preference for companies with heavy assets and low obsolescence risk, particularly in sectors like utilities, basic resources, and energy [1] Group 2 - The report highlights that the market is rewarding capacity, networks, infrastructure, and engineering complexity, which are harder to replicate and less susceptible to rapid technological obsolescence [2] - In the capital-intensive stock portfolio, Goldman Sachs selected companies such as ASML Holding NV, Safran, LVMH, Air Liquide, and Airbus, while the light-asset portfolio includes L'Oréal, Adyen, DSV, and Siemens Healthineers [2] - Concerns about AI disrupting business models have led to significant declines in stocks previously viewed as stable winners, affecting various industries including logistics [2] Group 3 - Major tech companies, including Amazon, Microsoft, Alphabet, Meta Platforms, and Oracle, are expected to invest approximately $1.5 trillion in AI infrastructure from 2023 to 2026, compared to a cumulative investment of about $600 billion before 2022 [3] - Higher real yields and geopolitical factors supporting fiscal spending and manufacturing are driving capital flows toward capital-intensive industries [3] - Market expectations for earnings growth and return on equity are now more favorable for capital-intensive companies compared to light-asset firms [3]