Goldman Sachs Asset Management claims that the AI investment fever continues and that one should position themselves in the semiconductor industry and related "shovel stocks".

Brook Dane of Goldman Sachs Asset Management stated that even as tensions escalate with the Iran conflict, investors still need to position themselves in semiconductor companies and other "shovel stocks" in the AI sector as related expenditures accelerate. Dane, in an interview with the media, said, "Yes, the world is more uncertain now than four months ago, and the risk premium may structurally rise as a result, but this does not change the trends and scale we have observed." Dane, who serves as co-head of public technology investments at Goldman Sachs Asset Management, emphasized continued strong demand for AI infrastructure. He highlighted that computing power remains the scarcest resource in the market, supporting long-term investment cycles led by major tech companies that continue to invest in AI development. Dane stated, "From our bottom-up fundamental analysis, capital expenditures are expected to continue to accelerate, with their persistence exceeding expectations." Dane stressed that we are still in the early to mid-stage of the cycle, not at the end. He mentioned that there are still ample opportunities in the chip ecosystem of AI "shovel stocks" to accumulate wealth sustainably and achieve growth.