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Goldman Sachs (GS) one-delta desk has a direct read on China's artificial intelligence market: demand is significant.
The complication is that the firm's preferred expression of that demand is hardware investment, a stance that says something specific about where Goldman thinks the value in China's AI buildout actually sits.
The case for hardware starts with the mechanism the one-delta desk identifies.
Cheaper inference is pulling more users into AI applications, and in Goldman's framing, that volume dynamic makes hardware the more durable position.
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