Goldman Sachs International Research Hub

Goldman Sachs research highlights a robust momentum bounce across the technology sector, fueled by bullish updates from NVIDIA and strong infrastructure guidance from HPE. This optimism is reflected in the firm's macro outlook, which includes a raised year-end S&P 500 target of 8000 driven by AI infrastructure beneficiaries and significant gains in memory semiconductors such as Micron and TSMC. In European markets, coverage favors wholesale banks like Societe Generale and Santander over retail-focused peers, while an initiation of the media sector highlights a preference for Publicis and RELX. Strategic commodity recommendations suggest shorting Brent crude amid geopolitical de-escalation while going long on Copper due to tight LME inventories and resilient Chinese demand. Currency analysis indicates downside risk for the AUD following delayed RBA hike expectations, whereas the KRW remains supported by strong semiconductor-driven trade data. Finally, the research identifies a strategic pivot toward open-source AI models and local device inference to optimize cost-per-output metrics in the hardware space.