--- title: "AI Bubble Theory | Goldman Sachs: The logic of \"selling shovels\" in AI remains unchanged, and the demand for infrastructure remains solid" type: "News" locale: "en" url: "https://longbridge.com/en/news/282126154.md" description: "Brook Dane from Goldman Sachs Asset Management pointed out that despite escalating geopolitical tensions, AI spending is still accelerating, and investors should focus on semiconductor and AI-related assets. He stated that although risk premiums may rise, the demand for AI infrastructure remains solid, and computing power is a scarce resource in the market, supporting a long-term capital expenditure cycle. His analysis predicts that capital expenditures will accelerate growth, currently in the early to mid-cycle, with abundant investment opportunities still available in the AI chip ecosystem" datetime: "2026-04-09T03:05:21.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/282126154.md) - [en](https://longbridge.com/en/news/282126154.md) - [zh-HK](https://longbridge.com/zh-HK/news/282126154.md) --- # AI Bubble Theory | Goldman Sachs: The logic of "selling shovels" in AI remains unchanged, and the demand for infrastructure remains solid Brook Dane from Goldman Sachs Asset Management stated that as artificial intelligence spending accelerates, investors still need to allocate to semiconductor companies and other AI "picks and shovels" assets, even as the Iran war intensifies geopolitical tensions. Dane said, "The world is more uncertain now than it was four months ago. Therefore, the risk premium may structurally rise. However, this does not change the direction and scale of the trends we are seeing." He noted that the demand for AI infrastructure remains solid, and computing power is still the most scarce resource in the market, supporting a multi-year capital expenditure cycle led by large technology companies that continue to invest. He also mentioned, "From a bottom-up fundamental analysis perspective, our baseline forecast still points to accelerating capital expenditure growth, which will remain resilient for a longer period. We are not in the late cycle, but rather in the early to mid-cycle phase. There are still plenty of opportunities to realize wealth and growth compounding within the AI infrastructure 'picks and shovels' chip ecosystem." ### Related Stocks - [QQQ.US](https://longbridge.com/en/quote/QQQ.US.md) - [159558.CN](https://longbridge.com/en/quote/159558.CN.md) - [CLOU.US](https://longbridge.com/en/quote/CLOU.US.md) - [IWF.US](https://longbridge.com/en/quote/IWF.US.md) - [DTCR.US](https://longbridge.com/en/quote/DTCR.US.md) - [IXN.US](https://longbridge.com/en/quote/IXN.US.md) - [ARKQ.US](https://longbridge.com/en/quote/ARKQ.US.md) - [AIQ.US](https://longbridge.com/en/quote/AIQ.US.md) - [XSW.US](https://longbridge.com/en/quote/XSW.US.md) - [IGV.US](https://longbridge.com/en/quote/IGV.US.md) - [PSI.US](https://longbridge.com/en/quote/PSI.US.md) - [ARTY.US](https://longbridge.com/en/quote/ARTY.US.md) - [588780.CN](https://longbridge.com/en/quote/588780.CN.md) - [561980.CN](https://longbridge.com/en/quote/561980.CN.md) - [XLK.US](https://longbridge.com/en/quote/XLK.US.md) - [512760.CN](https://longbridge.com/en/quote/512760.CN.md) - [562820.CN](https://longbridge.com/en/quote/562820.CN.md) - [VUG.US](https://longbridge.com/en/quote/VUG.US.md) - [SMH.US](https://longbridge.com/en/quote/SMH.US.md) - [512720.CN](https://longbridge.com/en/quote/512720.CN.md) - [159325.CN](https://longbridge.com/en/quote/159325.CN.md) - [159546.CN](https://longbridge.com/en/quote/159546.CN.md) - [560780.CN](https://longbridge.com/en/quote/560780.CN.md) - [MGK.US](https://longbridge.com/en/quote/MGK.US.md) - [159995.CN](https://longbridge.com/en/quote/159995.CN.md) - [BOTZ.US](https://longbridge.com/en/quote/BOTZ.US.md) - [XSD.US](https://longbridge.com/en/quote/XSD.US.md) - [588200.CN](https://longbridge.com/en/quote/588200.CN.md) - [SCHG.US](https://longbridge.com/en/quote/SCHG.US.md) - [588170.CN](https://longbridge.com/en/quote/588170.CN.md) - [IUSG.US](https://longbridge.com/en/quote/IUSG.US.md) - [562590.CN](https://longbridge.com/en/quote/562590.CN.md) - [SOXX.US](https://longbridge.com/en/quote/SOXX.US.md) - [159516.CN](https://longbridge.com/en/quote/159516.CN.md) - [512480.CN](https://longbridge.com/en/quote/512480.CN.md) - [DAT.US](https://longbridge.com/en/quote/DAT.US.md) - [159363.CN](https://longbridge.com/en/quote/159363.CN.md) - [FTXL.US](https://longbridge.com/en/quote/FTXL.US.md) - [SOXL.US](https://longbridge.com/en/quote/SOXL.US.md) - [159998.CN](https://longbridge.com/en/quote/159998.CN.md) - [03413.HK](https://longbridge.com/en/quote/03413.HK.md) ## Related News & Research - [Mercor’s $2M daily payouts fuel AI labor debate](https://longbridge.com/en/news/286719252.md) - [KLA approves 10-for-1 stock split and dividend hike](https://longbridge.com/en/news/286340025.md) - [AS AI AGENTS SCALE, ENTERPRISES DEMAND EXECUTION CONTROL-- DEVENEX TAKES CONTROL](https://longbridge.com/en/news/286966060.md) - [18:00 ETSubotiz Showcases AI-Native Revenue and Payment Platform at SaaStr AI Annual 2026](https://longbridge.com/en/news/286620167.md) - [Nebius stock spikes after earnings. 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