Goldman Sachs: Os riscos de IA estão intensificando o debate sobre avaliações de ações

Goldman Sachs reports that on April 28th, strategists stated that the disruptive risks brought by artificial intelligence (AI) are intensifying market debates about stock valuations. The team led by Ryan Hammond believes: “Investors’ perception of AI disruption threats makes them more focused on the ‘terminal value’ of many stocks.” Their analysis based on a 10-year dividend discount model shows that “the terminal value of the S&P 500 index currently accounts for about 75% of its total equity value, approaching the highest level in the past 25 years.” Strategists specifically mentioned recent declines in software stocks and other “light asset” industries. “For these stocks with value highly concentrated in the distant future, the recent sharp drop in stock prices contrasts sharply with resilient short-term returns, further highlighting the importance of long-term growth prospects.”(East New Agency)