Goldman Sachs International
May 12, 2026
AI Taxes Everything Else and BDCs
Market ReportEquitiesCommoditiesRates Govt BondsInformation TechnologyEnergy
The report highlights emerging risks in the AI sector including potential 'AI taxes' in Korea, while noting that a burgeoning oil shock is being obscured by extreme semiconductor market concentration.
Key Takeaways
- 1.South Korea is considering implementing an 'AI profit tax' to pay citizen dividends, creating pressure on major semi players like Samsung and SK Hynix.
- 2.An ongoing oil shock is being masked in the equity markets by 'semi fever', despite indicators like Home Depot hitting 52-week lows and credit failing to tighten.
- 3.The UK faces a potential leadership challenge for Keir Starmer, which may lead to market focus on fiscal expansion and potential gilt/sterling volatility.
Table of Contents
- AI tax
- Everything else
- Oil
- China summit
- UK
- Technicals
- Risk
- Side-note
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Authors
Rich Privorotsky
Securities
SamsungSK HynixAAPLBANVDAHDGOOGBIZD
Themes
AI Profit TaxationMarket Breadth FragilityGeopolitical Energy RisksSemiconductor Dominance
Regions
Asia PacificNorth AmericaMiddle EastSouth KoreaUnited StatesChina