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China's AI Rally: Not a Bubble, Says Goldman Sachs

11/24/2025

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Story summary
  • Kinger Lau, Goldman Sachs' chief China equity strategist, says the artificial intelligence (AI)-led rally in China is not a bubble.
  • Lau says Chinese tech firms can grow valuations and earnings through AI applications.
  • Lau notes China's AI investment cycle is about 18 months behind the US.
  • The top 10 Chinese tech companies have a $2.5 trillion market cap, compared to $25 trillion for US firms.