Goldman Embraces ‘Picks and Shovels’ of AI With More Capex Ahead

Investors need exposure to semiconductor companies and other “picks and shovels” of artificial intelligence as spending accelerates, even with the Iran war stoking geopolitical tensions, according to Goldman Sachs Asset Management’s Brook Dane.

“Yes, the world is more uncertain today than it was four months ago. And risk premia have probably moved higher, structurally, because of that,” Dane said Wednesday in a Bloomberg Television interview. “It doesn’t change the direction and magnitude of what we are seeing.”