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1、 ISSUE 143|October 22,2025|4:00 PM EDTInvestors 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 Goldman Sachs Group,Inc.AI bubble concerns are back amid a rise in AI-

2、exposed companies valuations,ongoing massive AI spend,and the increasing circularity of the AI ecosystem.So,are bubble concerns warranted,or overblown?While GS Eric Sheridan,Kash Rangan,Peter Oppenheimer,and Ryan Hammond all see some reasons for concern,they generally agree that the US tech sector i

3、s not in a bubble(at least not yet),with Sheridan more worried about the large gap between public and(higher)private market valuations.Sequoias David Cahn sees it differently,arguing the only way to j ustify the large data center buildout forecasted by 2030 is AGI,while still seeing substantial oppo

4、rtunity in private AI application firms.But Bessemers Byron Deeter is more optimistic on the AI capex boom,as is GS Joseph Briggs.And NYUs Gary Marcus remains skeptical about the technology itself,at least in its current form.So,how should investors be positioned?We conclude that tech sector opportu

5、nities remain,but diversification makes sense.“INTERVIEWS WITH:Byron Deeter,Partner,Bessemer Venture Partners David Cahn,Partner,Sequoia Capital Gary Marcus,Professor Emeritus,New York University Eric Sheridan,US Internet Equity Research Analyst,Goldman Sachs;Kash Rangan,US Software Equity Research

6、Analyst,Goldman Sachs THE AI SPENDING BOOM ISNT TOO BIG Joseph Briggs,GS Global Economics Research WHY WE ARE NOT IN A BUBBLE YET Peter Oppenheimer,GS Global Portfolio Strategy Research US EQUITIES:NO BUBBLE BUT SIGNS OF FROTH Ryan Hammond,GS US Portfolio Strategy Research AI CAPEX TURNS TO CREDIT S