Ben Snider, who will soon be the head of Goldman Sachs's US stock business, said that the current attitude of investors towards AI is no longer focused on imagining productivity in the distant future like in the 1990s, but is more focused on immediate, quantifiable profit performance. He recalled that during the Internet bubble period, the market tried to estimate the huge impact of the Internet on long-term economic growth and productivity in advance, which led to excessive inflation in valuations; in contrast, investors have now learned lessons from history. This is why the market has always focused on fields such as semiconductors, hyperscale data centers, and power companies. In terms of speculation, Snider also pointed out that compared with the Internet bubble back then, speculative activity in the current market has clearly cooled down. Goldman Sachs established a “speculative trading index” a few months ago to measure the share of loss-making companies, penny stocks, or overvalued stocks in trading activities. He said that the indicator shows that the current level of speculation in the market is far lower than 25 years ago, and even lower than the 2021 wave of market boom. Snider described it as probably one of the “least fanatical, yet often described as a bubble” investment environment in modern history.

Ben Snider, who will soon be the head of Goldman Sachs's US stock business, said that the current attitude of investors towards AI is no longer focused on imagining productivity in the distant future like in the 1990s, but is more focused on immediate, quantifiable profit performance. He recalled that during the Internet bubble period, the market tried to estimate the huge impact of the Internet on long-term economic growth and productivity in advance, which led to excessive inflation in valuations; in contrast, investors have now learned lessons from history. This is why the market has always focused on fields such as semiconductors, hyperscale data centers, and power companies. In terms of speculation, Snider also pointed out that compared with the Internet bubble back then, speculative activity in the current market has clearly cooled down. Goldman Sachs established a “speculative trading index” a few months ago to measure the share of loss-making companies, penny stocks, or overvalued stocks in trading activities. He said that the indicator shows that the current level of speculation in the market is far lower than 25 years ago, and even lower than the 2021 wave of market boom. Snider described it as probably one of the “least fanatical, yet often described as a bubble” investment environment in modern history.