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高盛：歐股 AI 投資「瓣數」更多唔怕一鑊熟

高盛警告，美股集中度逼近百年高位，AI 升勢幾乎由「美股七雄」玩晒，一旦呢幾間巨企有乜依郁，成個 AI 投資組合就好易「一鑊熟」 [12]。相反，歐洲嘅 AI 受惠股遍佈工業、基建同國防板塊，受惠於實體 AI 基建嘅大規模建設，真正做到唔同產業都有錢分，唔使死押注喺同一瓣 [3][5]。

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A conceptual image of European and US stock markets diverging around artificial intelligence, with Europe showing multiple sector connections and the US concentrated on a few tech — What explains Goldman Sachs's argument that European stocks offer broader and less concentrated artificial intelligence exposure than US stoMajor investment firms argue Europe's AI-linked equity returns are spreading across multiple sectors, while the US remains concentrated in a handful of mega-cap names.
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Create a landscape editorial hero image for this Studio Global article: What explains Goldman Sachs's argument that European stocks offer broader and less concentrated artificial intelligence exposure than US sto. Article summary: Here is the breakdown of Goldman Sachs's argument and the supporting views from the other firms.. Topic tags: general, general web, user generated. Reference image context from search candidates: Reference image 1: visual subject "Driven by strong earnings across regions and favorable macroeconomic trends, stocks in the developing world are on pace to record their best year since 2017, according to Goldman S" source context "Emerging Markets Stocks Can Balance Volatility from the AI Trade" Reference image 2: visual subject "The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflec
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近年人工智能（AI）概念炒得火熱，但愈來愈多大行開始擔心，美股嘅 AI 升勢過份集中，猶如將所有雞蛋放喺同一個籃。高盛（Goldman Sachs）聯同摩根大通資產管理（J.P. Morgan Asset Management）同普徠仕（T. Rowe Price）就開始大力推銷，話歐洲股票先係更健康、可以更有效捕捉 AI 大趨勢嘅選擇——將風險分散喺唔同產業，而唔係只係押注喺少數美國科技巨企身上。

美股嘅「一籃子」風險：成個市靠幾間公司撐起

高盛研究部講得非常直白：美股市場嘅集中度，已經逼近一百年嚟嘅最高水平。人所共知嘅「美股七雄」（Magnificent 7）——即係輝達（NVIDIA）、微軟（Microsoft）、Meta、亞馬遜（Amazon）呢批公司——幾乎主導晒成個大市嘅升幅。高盛指出，自 2022 年以嚟，呢啲巨型企業可以跑贏大市，「好大程度上係拜市場對人工智能嘅憧憬同期望所賜」。

結果就係造成咗一個好大嘅「單點故障」風險：標普 500 指數嘅表現，同少數幾隻股票嘅前景極度捆綁。高盛認為，被動咁追蹤美國大市值指數，可能會帶嚟集中度過高嘅危險，就算呢啲巨企嘅基本因素仍然穩陣，呢種市場支配地位都難以長期維持。

睇返「美股七雄」嘅回報表現，升勢明顯放緩：高盛首席全球股票策略師彼得·奧本海默（Peter Oppenheimer）指出，佢哋嘅回報喺 2023 年急升 75%，2024 年放緩到大約 50%，到咗 2025 年更加跌到唔夠 25% 。萬一呢批龍頭股出現調整，冇做好分散嘅投資者就好大機會要「坐艇」。

歐洲嘅「瓣瓣有份」：AI 概念唔止係軟件咁簡單

歐洲冇任何一間公司可以好似輝達咁，單一主導晒成個 AI 敘事。相反，高盛認為，歐洲同 AI 相關嘅回報，係分散咗喺一眾將會受惠於實體 AI 基建嘅工業、基礎建設同國防公司身上。

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