BlockBeats News, July 2nd, Goldman Sachs believes that investors should not exit the artificial intelligence theme prematurely. Despite the significant gains of AI-related stocks so far this year and rising concerns in the market about a bubble, Ben Snider, Head of U.S. Stock Strategy at Goldman Sachs, stated that the current market trend is more like a profit-driven bull market rather than a speculative frenzy driven purely by valuation expansion.

Snider believes that AI investment opportunities still revolve around three main themes: AI infrastructure, power infrastructure, and cloud providers and hyperscale platforms that have underperformed recently. The first theme includes semiconductors, servers, AI networking equipment, and data center hardware; the second theme includes power equipment, utilities, and energy infrastructure that support data center expansion; and the third theme includes large platform companies such as Amazon, Microsoft, Meta, Alphabet, Oracle, and IBM.

Goldman Sachs' key argument is that although many AI infrastructure stocks have risen significantly, their valuations have not detached from earnings expectations like in a typical bubble. Some storage, semiconductor, and data center-related stocks still reflect market skepticism rather than unanimous optimism. In other words, investors are still demanding these companies to prove through orders, profit margins, and cash flow that AI capital expenditures can translate into profits.

Goldman Sachs does not suggest indiscriminately buying all AI concept stocks but rather continuing to bet on companies that can directly generate revenue and profit growth from AI capital expenditures. It believes that AI trading has not yet entered the stage of "only telling stories, disregarding profits." As long as earnings continue to rise, AI infrastructure may still remain one of the most important themes in the U.S. stock market.