Goldman Sachs: global AI trade splits into two worlds
A Goldman Sachs report led by chief China equity strategist Kinger Lau says the global AI trade is splitting into two worlds: one led by the United States, the other an increasingly self-sufficient Chinese AI system. Since DeepSeek emerged in early 2025, Chinese AI-related listed companies have created nearly $5 trillion in market value through share gains and IPOs, with AI stocks now accounting for 42% of combined A-share and H-share market capitalization and 57% of trading volume, the report says. Goldman splits Chinese AI stocks into export-oriented names (360-plus companies, about $1.7 trillion market cap, over 40% overseas revenue) and domestic-demand names (880-plus, about $3.2 trillion, under 10% overseas revenue), and refreshed its “China Select AI Portfolio” to 50 stocks including CATL, SMIC, Cambricon, Alibaba, Tencent and BYD. The bank also cautions that China still trails the US in cutting-edge semiconductors and capital scale, leaving full AI autonomy a long way off.
It frames Chinese and US AI assets as separate, low-correlation investment themes, offering a lens on where global AI capital may flow.