Equity Research
The S&P 500 rallied by 3% this week to reach a new all-time high. Notably, the S&P 500 rally has been defined by extremely narrow breadth that ranks as one of the most concentrated surges experienced during the past few decades. We forecast the S&P 500 will return +5% over the next 12 months to reach 6500.
28 Jun 2025 | 4:44am| 22pg| Research | Portfolio Strategy-David J. Kostin and others
The defense landscape is rapidly evolving. Geopolitics are challenging and complex. The Pentagon is shifting risk to industry. The US DoD budget is at an all-time high. The total federal deficit is in question and in focus in Washington.
30 Jun 2025 | 8:21am| 88pg| Research | Equity-Anthony Valentini, CFA and others
IN THE SPOTLIGHT
Global Tech: ASIC AI server TAM introduced; Server TAM update and baseboard-based AI servers raised
Our global team in this report update our global servers TAM across: (1) ASIC AI server TAM (newly introduced), (2) AI training servers - full rack / high power, (3) AI inferencing servers, (4) general servers, (5) HPC servers, and (6) leading US and China cloud capex. In particular, we introduce our breakdown between ASIC vs. GPU servers and expect a rising volume of ASIC AI servers considering better customization and a lower budget burden for clients, along with the transition to an inferencing era in coming years to support demand (Exhibit 1). Our global AI server volume outlook implies demand for 9m/12m AI chips in 2025/26E, with a rising ASIC shipment contribution at 38%/40% in 2025/26E.
28 Jun 2025 | 11pg | Research | Equity - Allen Chang and others
This inaugural conference will bring together thought leaders and senior executives from the most important companies listed in Asia Pacific to present their corporate strategy, current trends and challenges. Running in parallel with the main presentations, companies will be hosting one-on-one and small group meetings.
- Company HighlightsMoncler SpA (MONC.MI): Ahead of Q225: Retail deceleration expected; Valuation supportive but lacking a catalyst. Move to Neutral. PT €57 (was €62.5)30 Jun 2025 | 7:44am| 16pg| Research | Equity-Louise Singlehurst and othersNestle (NESN.S): Expect a robust Q2, while commodity environment improves; reiterate Buy30 Jun 2025 | 10:45am| 20pg| Research | Equity-Olivier Nicolaï and othersSwire Properties (1972.HK): Capital recycle from full disposal of Brickell City Center project in Miami, US. Focus on share repurchases30 Jun 2025 | 7:53am| 10pg| Research | Equity-Simon Cheung, CFA and othersAuto1 Group (AG1G.DE): Latest industry datapoints & new high freq data; updated personnel cost analysis; 2Q25 preview; reiterate Buy30 Jun 2025 | 7:37am| 15pg| Research | Equity-James Tate and othersNasdaq Inc. (NDAQ): Solid execution as momentum builds into 2026; reiterate Buy30 Jun 2025 | 10:08am| 7pg| Research | Equity-Alexander Blostein, CFA and othersNidec (6594.T): Conference Call Takeaways: Restoring confidence via organizational improvements and earnings execution; Buy27 Jun 2025 | 3:36pm| 6pg| Research | Equity-Daiki Takayama and others
- Industry HighlightsGlobal Metals & Mining: Takeaways from GS Global Copper Week 202530 Jun 2025 | 6:20am| 20pg| Research | Equity-Marcio Farid and othersAustralia Technology: Key observations from the UK for XRO/WTC/TNE30 Jun 2025 | 5:00am| 8pg| Research | Equity-Kane Hannan, CFA and othersChina Software: SenseTime visit: Gen AI one-stop solution from infra to foundation models/ apps, accelerating AI deployment30 Jun 2025 | 9:00am| 6pg| Research | Equity-Allen Chang and othersSingapore Real Estate: Factoring in SORA decline through better DPU growth and residential sales/volume29 Jun 2025 | 3:07pm| 15pg| Research | Equity-Xuan Tan, CFA and othersSouth Korea Technology: Investor feedback: Focus on HBM, conventional memory pricing, capex, and Hynix vs. Samsung30 Jun 2025 | 12:14am| 7pg| Research | Equity-Giuni Lee and othersAmericas Technology: Internet: Analyzing the Impact of AI on Industry Profit Pools – Part I (Advertising Case Study)25 Jun 2025 | 4:18am| 20pg| Research | Equity-James Covello and others
- PORTFOLIO STRATEGYGOAL Risk Keeper: Hedging stagflation and reflation tails into H226 Jun 2025 | 12:01pm| 21pg| Research | Portfolio Strategy-Andrea Ferrario and othersJapan Weekly Kickstart: 1H CY2025 review - the post-Liberation Day melt-up continues29 Jun 2025 | 12:33pm| 24pg| Research | Portfolio Strategy-Bruce Kirk, CFA and othersGlobal Strategy Views: Diversify to Amplify; Part 225 Jun 2025 | 12:00pm| 16pg| Research | Portfolio Strategy-Peter Oppenheimer and others
- OPTIONSWeekend Cross-asset Dislocations (28-Jun-2025)28 Jun 2025 | 10:23pm| 1pg| Research | Options-John MarshallWeekend Cross-asset Dislocations (26-Jun-2025)26 Jun 2025 | 11:27pm| 1pg| Research | Options-John MarshallWeekly Options Watch: Quarterly Update on Earnings Day Volatility25 Jun 2025 | 5:01pm| 12pg| Research | Options-John Marshall and others
RATING AND LIST CHANGES
- All
- Upgrades
- Downgrades
- Initiations
- CL Adds
- CL Removes
Americas Aerospace & Defense: Defense Tech: Launching Defense Tech as industry transformation is under way; Buy AVAV, KTOS, DRS, CAE
30 Jun 2025 | 8:21am| 88pg| Research | Equity-Anthony Valentini, CFA and others
Moncler SpA (MONC.MI): Ahead of Q225: Retail deceleration expected; Valuation supportive but lacking a catalyst. Move to Neutral. PT €57 (was €62.5)
30 Jun 2025 | 7:44am| 16pg| Research | Equity-Louise Singlehurst and others
Americas Capital Markets: Realign Traditional Managers with organic growth expectations; Buy AMG, BEN; AB, WT to Neutral
27 Jun 2025 | 4:04am| 61pg| Research | Equity-Alexander Blostein, CFA and others
Dutch Bros Inc. (BROS): Unique brand positioning driving strong share momentum but seek more favorable entry; initiate at Neutral
26 Jun 2025 | 12:12pm| 32pg| Research | Equity-Christine Cho and others
I
Latest research
Nestle (NESN.S): Expect a robust Q2, while commodity environment improves; reiterate Buy
30 Jun 2025 | 10:45am| 20pg| Research | Equity-Olivier Nicolaï and others
Nasdaq Inc. (NDAQ): Solid execution as momentum builds into 2026; reiterate Buy
30 Jun 2025 | 10:08am| 7pg| Research | Equity-Alexander Blostein, CFA and others
China Software: SenseTime visit: Gen AI one-stop solution from infra to foundation models/ apps, accelerating AI deployment
30 Jun 2025 | 9:00am| 6pg| Research | Equity-Allen Chang and others
Americas Aerospace & Defense: Defense Tech: Launching Defense Tech as industry transformation is under way; Buy AVAV, KTOS, DRS, CAE
30 Jun 2025 | 8:21am| 88pg| Research | Equity-Anthony Valentini, CFA and others
Swire Properties (1972.HK): Capital recycle from full disposal of Brickell City Center project in Miami, US. Focus on share repurchases
30 Jun 2025 | 7:53am| 10pg| Research | Equity-Simon Cheung, CFA and others
Moncler SpA (MONC.MI): Ahead of Q225: Retail deceleration expected; Valuation supportive but lacking a catalyst. Move to Neutral. PT €57 (was €62.5)
30 Jun 2025 | 7:44am| 16pg| Research | Equity-Louise Singlehurst and others
Auto1 Group (AG1G.DE): Latest industry datapoints & new high freq data; updated personnel cost analysis; 2Q25 preview; reiterate Buy
30 Jun 2025 | 7:37am| 15pg| Research | Equity-James Tate and others
The 720: Global Tech - ASIC AI servers, CR Beer, Nidec, Murata, BeOne, Korea & Taiwan FX
30 Jun 2025 | 7:18am| 8pg| Research | Equity-Michael Snaith and others
Global Metals & Mining: Takeaways from GS Global Copper Week 2025
30 Jun 2025 | 6:20am| 20pg| Research | Equity-Marcio Farid and others
Weg SA (WEGE3.SA): Stronger BRL, consensus revisions and margins. What to watch out for in 2Q25 earnings?
30 Jun 2025 | 6:10am| 11pg| Research | Equity-Joao Frizo, CFA and others
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Featured Media
30:59
Research Unplugged: Addressing the Impact of AI on Industry Profit Pools – Advertising Deep Dive28 Jun 2025 | 3:27am| Equity Research
DAILY ROUNDUPS
The 720: Global Tech - ASIC AI servers, CR Beer, Nidec, Murata, BeOne, Korea & Taiwan FX
30 Jun 2025 | 7:18am| 8pg| Research | Equity-Michael Snaith and others
GS Equity Radar: Diversify to Amplify, LVMH and key research from the week
27 Jun 2025 | 10:26pm| 12pg| Research | Equity-Sahar Islam and others
Market Intelligence: US Morning Update
27 Jun 2025 | 8:37pm| 11pg| Research | Equity-Chris Hussey and others
WEEKLY ROUNDUPS
GS TWIG Notes: This Week in Global Research - June 27, 2025
28 Jun 2025 | 5:08am| 12pg| Research | Equity-Chris Hussey and others
End of Week Market Intelligence: evolving...
28 Jun 2025 | 3:33am| 9pg| Research | Equity-Chris Hussey and others
GS Equity Radar: Diversify to Amplify, LVMH and key research from the week
27 Jun 2025 | 10:26pm| 12pg| Research | Equity-Sahar Islam and others
UPCOMING EVENTS & CONFERENCES
Global Investment Research in partnership with FICC and Equities
conference: Europe
30 Jun-4 Jul 2025 | Singapore
We are inviting management and IR teams from CEEMEA companies to participate in one-on-one and small group meetings. The event format will include...Read more
Global Investment Research
webcast: Americas
1 Jul 2025 | 11am NY | 4pm LN | 11pm HK
Join us to discuss the state of the subprime consumer and how they are equipped to adapt to current macro uncertainty. We will examine subprime...Read more
George K. Tong, CFA, Business & Information Services Equity Analyst
Kate McShane, CFA, Retail Hardlines Equity Analyst
Bonnie Herzog, Consumer Staples & C-Stores Equity Analyst
Will Nance, Payments & Financial Technology Equity Analyst
Joseph Briggs, Global Economist
Chris Hussey, US Research Merchandising
Global Investment Research
webcast: Global
2 Jul 2025 | 8:30am HK | 8:30pm NY(-1) | 1:30am LN
We will discuss the first edition of our "AI Profit Pools" series where we highlight and quantify existing “profit pools” across a number of...Read more
James Covello, Head of Equity Research Management
Eric Sheridan, US Internet Equity Analyst
Michael Snaith, Asia Research Merchandising
Passcode: 597018; Meeting ID: 954 5316 2150
Global Investment Research in partnership with Global banking & Markets
webcast: Asia
2 Jul 2025 | 10am HK | 10pm NY(-1) | 3am LN
This call is a part of China in Motion.
Evelyn Yu, Taiwan Technology Analyst
Passcode: 256437; Meeting ID: 966 6411 5609
PAST CONFERENCES REPLAYS / TAKEAWAYS
29th European Financials Conference
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46th Annual Global Healthcare Conference
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Investor Relations Forum
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TechNet China 2025
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Global Staples Forum
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