高盛2024全球策略报告人工智能投资决策-买还是不买thatisthequestion英文版34页

Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Peter Oppenheimer +44(20)7552-5782 peter.oppenheimer@gs.com Goldman Sachs International Sharon Bell +44(20)7552-1341 sharon.bell@gs.com Goldman Sachs International PORTFOLIO STRATEGY SEPTEMBER 5, 2024 | 5:00AM BSTGLOBAL STRATEGY PAPER NO. 70AI: To buy, or not to buy, that is the questionGuillaume Jaisson +44(20)7552-3000 guillaume.jaisson@gs.com Goldman Sachs International The technology sector has generated 32% of the Global equity return and•40% of the US equity market return since 2010. This has reflectedstronger fundamentals rather than irrational exuberance. The tech sectorglobally has seen EPS rise c.400% while all other sectors together haveachieved c.25% from the peak pre-GFC.The introduction of transformative technologies typically attracts•growing in