Goldman Sachs: Under the impact of AI, the aura of light assets fades, and production capacity and infrastructure become hard currencies.

Goldman Sachs strategists say that as investors seek to avoid the disruptive risks brought by AI, stocks of companies with a large amount of tangible production assets are performing well. The report states that investors are increasingly turning to stocks with the so-called "halo effect" identified by strategists, these companies have large asset sizes, low elimination risks, and are mainly concentrated in sectors such as utilities, basic resources, and energy. Goldman Sachs strategist Jaisson said, "The market is rewarding capacity, networks, infrastructure, and engineering complexity - these assets have high replication costs and are less susceptible to being eliminated by technological progress."