According to the Zhitong Finance APP, Goldman Sachs' Global Investment Research Department's U.S. TMT (Technology, Media, and Telecommunications) team has released its 2025 outlook report. Asian technology investors remain cautious in this sector due to reasons including supply chain issues, earnings/valuation pressures 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 the earnings report to be released by Taiwan Semiconductor (TSM.US) this Thursday could serve as a positive catalyst.
From the holdings perspective, Goldman Sachs' Prime Book data shows that fund managers are net buying U.S. TMT stocks at the fastest pace in three months, primarily taking long positions. The long/short position ratio for U.S. TMT stocks is currently 1.98.
From different sectors, in the semiconductor field, companies related to artificial intelligence (AI) infrastructure construction, such as NVIDIA (NVDA.US), Marvell Technology (MRVL.US), and Credo Technology (CRDO.US), shared constructive/optimistic prospects at the CES conference, while companies like ON Semiconductor (ON.US) maintained a neutral or cautious attitude due to demand uncertainty and inventory issues.
Goldman Sachs analysts upgraded NXP Semiconductors (NXPI.US) to &#34;Buy&#34; and raised the target price to $257, as automotive MCUs (Microcontroller Units) are in the later stages of a cyclical downturn, and the company is expected to expand its market share and achieve cross-cycle growth.
Goldman Sachs analysts downgraded AMD (AMD.US) to &#34;Neutral&#34; to reflect a more conservative outlook for personal computers and traditional server businesses, as well as intensified competition in data center GPUs.
In the payments sector, based on fourth-quarter earnings reports, Goldman Sachs analysts are optimistic about BILL Holdings (BILL.US), Affirm Holdings (AFRM.US), Global-E Online (GLBE.US), and Riskified (RSKD.US), while maintaining a cautious stance on Marqeta (MQ.US) and Global Payments Inc. (GPN.US).
Goldman Sachs recommends that investors hold leading AI stocks and cyclical stocks in 2025, listing the following stocks as &#34;Buy&#34;: NVIDIA (NVDA.US), Broadcom (AVGO.US), Lam Research (LRCX.US), Micron Technology (MU.US), Teradyne (TER.US), Entegris (ENTG.US), and NXP Semiconductors.
In the software sector, company management indicated that the market environment is stable, which aligns with Goldman Sachs' 2025 software outlook report. This report shows that after years of industry growth slowdown, revenue growth is expected to stabilize in 2025.
Humanoid robots are one of the few themes that investors still find interesting. Musk previously stated that if all goes well, Tesla's production of humanoid robots will increase tenfold to 50,000 to 100,000 units by 2026, with another tenfold increase in 2027. As a result, Goldman Sachs analysts believe that long-term visibility has improved, with Sanken Electric as the preferred choice

NXPI

NVDA

Goldman Sachs released its 2025 TMT industry outlook, with analysts optimistic about AI leaders such as NVIDIA, believing that Taiwan Semiconductor's earnings report will serve as a positive catalyst. Despite Asian investors being cautious in this sector, fund managers are accelerating their net purchases of U.S. TMT stocks. Goldman Sachs upgraded NXP Semiconductors to "Buy" and downgraded AMD to "Neutral." In the payments sector, analysts are optimistic about companies like BILL Holdings, while maintaining a cautious stance on Marqeta

- Goldman Sachs' Global Investment Research team released a 2025 outlook report for the U.S. TMT (Technology, Media, Telecom) sector, noting cautious sentiment among Asian tech investors due to supply chain issues and earnings pressure.  
- The report highlights that TSMC's upcoming earnings report could act as a positive catalyst, while fund managers are rapidly increasing their net purchases of U.S. TMT stocks.  
- Analysts upgraded NXP Semiconductors to "Buy" and adjusted AMD's rating to "Neutral," while recommending investors hold AI and cyclical stocks, including Nvidia and Broadcom, for 2025.

Zhitong

Taiwan Semiconductor

NXP Semiconductors

NVIDIA

ON Semiconductor

YieldMax NVDA Option Income Strategy ETF

Tesla

Tongxing

Global Payments

Riskified

Micron Tech

Affirm

Huaqin

Marqeta

LENOVO GROUP

ADTec

Teradyne

HON-Flex

GraniteShares 2x Long NVDA Daily ETF

Direxion Semicon Bear 3X

Entegris

VanEck Semiconductor ETF

UBTECH ROBOTICS

Suochen

PIA Automation

Destiny Tech100

Goldman Sachs

Sanhua

Semiconductor

Skychem Technology

Broadcom

Marvell Tech

BILL

iShares Semiconductor ETF

IEIT

SIASUN

Direxion Semicon Bull 3X

Goldman Sachs 2025 US Stock TMT Industry Outlook: Optimistic about AI leaders like NVIDIA, humanoid robots are worth looking forward to