Goldman Sachs(US:GS) 美股IPO·2026-02-14 04:12Core Viewpoint - Goldman Sachs has launched a new software stock long-short portfolio, betting on companies that are less likely to be replaced by AI or that will benefit from the growth in AI demand, while shorting companies that may be automated or replaced internally due to AI advancements [1][3]. Group 1: Long Position - The long side of the portfolio focuses on companies that require physical execution, are heavily regulated, or need human accountability, which makes them less susceptible to AI disruption [3]. - Companies included in the long position are Cloudflare, CrowdStrike, Palo Alto Networks, Oracle, and Microsoft, which are expected to benefit directly from the rising adoption of AI [3][4]. Group 2: Short Position - The short side targets software-driven companies whose workflows may increasingly be automated or rebuilt internally due to AI capabilities. Companies in this category include Monday.com, Salesforce, DocuSign, Accenture, and Duolingo [3][4]. - The recent launch of AI tools by companies like Anthropic and Altruist has led to significant declines in the stock prices of legal and financial software firms, indicating a shift in market sentiment towards a defensive stance [4]. Group 3: Market Sentiment and Valuation - The recent sell-off has reset valuation levels, with the price-to-earnings ratio for software stocks dropping from approximately 51 times a year ago to about 27 times currently [5]. - Despite the decline in valuations, earnings expectations remain stable, with the software and services sub-sector projected to achieve around 14.1% earnings growth by 2026, which is lower than the overall tech sector's expected growth of 31.7% but still above the S&P 500's 13.7% growth forecast [5].