On July 7, Goldman Sachs stated in its latest report that there are still investment opportunities in semiconductor stocks after the pullback, but AI chip trading has entered a more selective phase, and investors should no longer simply buy into the entire sector.

The bank noted that the PHLX Semiconductor Index has risen over 80% so far this year, significantly outperforming the S&P 500 and the Nasdaq. The strong performance has raised the bar for subsequent earnings delivery, and also made the risk-reward profile more differentiated ahead of the second-quarter earnings season.

Goldman Sachs remains bullish on certain sub-sectors, including CPUs, ASICs, memory, and semiconductor equipment. The bank believes these areas benefit more directly from AI infrastructure expansion and have relatively higher demand visibility.

On individual stocks, Goldman Sachs highlighted AMD and Applied Materials. AMD benefits from server CPU and AI-related demand, while Applied Materials benefits from advanced process and memory capital expenditure. However, Goldman Sachs is more cautious on mobile chip supply chains and some semiconductor companies with higher valuations or weaker demand. #GT二季度销毁257万枚