BUZZ-Goldman Sachs sees limited AI leverage, downgrades chipmakers
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Goldman Sachs has downgraded several chipmakers, citing limited AI leverage and lackluster execution. Arm Holdings was downgraded to "sell," with shares dropping 3.3%. The firm expects increased R&D spending to impact financial leverage in FY27/FY28. Texas Instruments was also downgraded to "sell," with concerns over capacity and inventory choices affecting margin expansion. Entegris was downgraded to "sell," with expectations of underperformance due to slow capex in semiconductor fabrication.
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