1、Investors 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 Oppenheimer +44(20)7552-5782 Goldman Sachs International Sharon Bell +44(20)7552-1341 Goldman Sachs Internat

2、ional PORTFOLIO STRATEGY SEPTEMBER 5,2024|5:00AM BSTGLOBAL STRATEGY PAPER NO.70AI:To buy,or not to buy,that is the questionGuillaume Jaisson +44(20)7552-3000 Goldman Sachs International The technology sector has generated 32%of the Global equity return and40%of the US equity market return since 2010

3、.This has reflectedstronger fundamentals rather than irrational exuberance.The tech sectorglobally has seen EPS rise c.400%while all other sectors together haveachieved c.25%from the peak pre-GFC.The introduction of transformative technologies typically attractsgrowing investor interest as well as s

4、ignificant capital and newcompetition.As enthusiasm builds and stock prices increase,the sum ofindividual company valuations can overstate the total potential aggregatereturns;often a bubble develops and bursts.Historically,investors over-focus on the originators,understate theimpact of competition

5、and overstate the returns on capital invested bythe early innovators.At the same time,investors tend to underestimatethe growth of new entrants to the industry that can piggyback off thecapex of others,enabling them to generate new products and services.Valuations often also understate the opportuni

6、ties that can accrue in thenon-technology industries that can leverage the technology to generatehigher returns in existing,as well as in new,product categories.In our view,the technology sector is not in a bubble and is likely tocontinue to dominate returns.However,concentration risks are high andi