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高盛2025美股TMT行业展望:除了英伟达,还有这些公司值得期待!

Goldman Sachs 2025 outlook for the US TMT Industry: Besides NVIDIA, there are other companies worth looking forward to!

Zhitong Finance ·  Jan 14 12:24

Goldman Sachs released its 2025 outlook report for the TMT (Technology, Media, and Telecom) Industry.

Goldman Sachs' Global Investment Research Department released the 2025 Outlook Report for the USA TMT (Technology, Media, Telecom) team. Asian technology investors remain cautious in this field due to reasons including supply chain issues, EPS/valuation pressure for some companies, competition for market share in the chip supply chain, and sustainability debates in the storage and equipment sectors. However, Goldman Sachs analysts believe that $Taiwan Semiconductor (TSM.US)$the Earnings Reports to be released this Thursday may serve as a positive catalyst.

From the position holdings perspective, Goldman Sachs Prime Book data shows that the speed of net buying of USA TMT stocks by fund managers is the fastest in three months, mainly focusing on long positions. The current long/short position ratio for USA TMT is 1.98.

From different sectors, in the Semiconductors field, $NVIDIA (NVDA.US)$$Marvell Technology (MRVL.US)$and$Credo Technology (CRDO.US)$Companies related to AI infrastructure construction shared constructive and optimistic prospects at the CES conference, but $ON Semiconductor (ON.US)$other companies maintain a neutral or cautious attitude due to demand uncertainty and inventory issues.

Goldman Sachs Analysts upgraded.$NXP Semiconductors (NXPI.US)$The rating has been upgraded to 'Buy', with the target price raised to $257, as the automotive MCU (Microcontroller Unit) is in the latter part of the downturn cycle, and the company is expected to expand its market share and achieve cross-cycle growth.

Goldman Sachs Analyst downgrades $Advanced Micro Devices (AMD.US)$ the rating to 'Neutral' to reflect a more conservative outlook on the personal computer and traditional server business, as well as increased competition in the Datacenter GPU space.

In the payments sector, based on the fourth quarter Earnings Reports, Goldman Sachs Analyst is bullish.$BILL Holdings (BILL.US)$$Affirm Holdings (AFRM.US)$$Global-E Online (GLBE.US)$and$Riskified (RSKD.US)$, regarding$Marqeta (MQ.US)$and$Global Payments (GPN.US)$cautious attitude.

Goldman Sachs advises investors to Hold positions in leading AI stocks and cyclicals in 2025, and lists the following stocks as having a Buy rating: $NVIDIA (NVDA.US)$$Broadcom (AVGO.US)$$Lam Research (LRCX.US)$$Micron Technology (MU.US)$$Teradyne (TER.US)$$Entegris (ENTG.US)$and $NXP Semiconductors (NXPI.US)$

In the Software sector, the company's management stated that the market environment is stable, which aligns with Goldman Sachs' 2025 Software Outlook report. The report indicates that revenue growth will stabilize in 2025 after years of industry slowdown.

Humanoid robots are one of the few themes that investors remain interested in. Musk previously stated that if everything goes smoothly, by 2026,$Tesla (TSLA.US)$the production of humanoid robots will increase tenfold to between 0.05 million and 0.1 million units, with another tenfold increase in production in 2027. As a result, Goldman Sachs analysts believe that long-term visibility has improved, making Zhejiang Sanhua Intelligent Controls the preferred choice.

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