Via bloomberg.com
The Wall Street giant is steering investors toward mainland-listed plays in power supply chains, PCBs, and humanoid robots as Chinese chip exports surge.
Goldman Sachs is making a targeted bet on China’s AI hardware boom, singling out mainland-listed stocks across three sub-sectors that the firm believes will ride a wave of surging exports. The strategy marks a notable shift: rather than parking money in Hong Kong-listed tech giants, Goldman is pointing investors toward onshore companies making the physical stuff that powers artificial intelligence.
The three priority areas are the power supply chain, hardware infrastructure (think printed circuit boards, optical modules, and data centers), and what the firm calls “physical AI applications,” a category that includes industrial intelligence and humanoid robots.
China’s chip export surge is the catalyst #
China’s chip exports jumped 111% year-over-year in May 2026, a figure that reflects just how hungry global markets have become for AI hardware.
Goldman Sachs sees these hardware-focused segments as offering what analysts describe as robust earnings visibility over the next couple of years. Unlike software plays or broader internet stocks, these companies have order books and supply contracts that make future revenue relatively predictable.
The firm’s preference for mainland stocks over Hong Kong-listed equivalents represents a meaningful tactical change as of June 2026. Goldman’s pivot suggests the best AI hardware opportunities now sit in the A-share market, where many component manufacturers and industrial technology companies are listed.
The “Go Global 3.0” framework #
Goldman’s stock picks fall under its broader “Go Global 3.0” thesis, which frames China’s next phase of export-driven growth around AI-enabled products rather than the low-cost manufactured goods that defined earlier eras.
What the index projections tell us #
Goldman Sachs projects that major China equity indices, including MSCI China and CSI 300, could see 12-20% upside by the end of 2026. The firm attributes this potential gain to a combination of AI-sector momentum, export growth, and supportive government policies.
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