In Goldman Sachs’s 2025 outlook for US TMT, which stocks are they bullish on

Goldman Sachs has expressed bullish sentiments on certain stocks in their 2025 outlook for the US TMT industry. Here are the key takeaways: 1. **Positive Outlook on Technology Stocks**: Goldman Sachs has an optimistic view on select technology stocks, despite caution from Asian technology investors due to supply chain issues, EPS/valuation pressure, competition in the chip supply chain, and sustainability debates in the storage and equipment sectors. 2. **Upgrades and Downgrades**: Goldman Sachs has made specific stock recommendations within the TMT sector: - They upgraded NVIDIA (NVDA), Marvell Technology (MRVL), and Credo Technology (CRDO), indicating a bullish stance on these stocks related to AI infrastructure construction. - Conversely, they downgraded Advanced Micro Devices (AMD) from a "Buy" to "Neutral," reflecting a more conservative outlook on the personal computer and traditional server business, as well as increased competition in the Datacenter GPU space. 3. **Sector-Wide Optimism**: Within the Semiconductors field, companies like NVIDIA, Marvell Technology, and Credo Technology shared constructive and optimistic prospects at the CES conference, suggesting a positive outlook for the sector. 4. **Specific Stock Targets**: Goldman Sachs set a target price of $257 for NXP Semiconductors (NXPI), anticipating cross-cycle growth and market share expansion in the automotive MCU space. In summary, Goldman Sachs is bullish on NVIDIA, Marvell Technology, and Credo Technology, and has expressed optimism about the TMT sector more broadly. They have also shown confidence in NXP Semiconductors, setting a high target price for the stock. However, caution is warranted due to various challenges facing the industry, as noted in their outlook report.