Goldman Sachs strategist Christian Mueller-Glissmann is advising investors to rotate capital from volatile chipmakers toward hyperscalers, arguing that big tech stocks are becoming more attractive vehicles for artificial intelligence exposure.
The recommendation highlights a growing divergence in risk appetite within the AI trade, as traders seek stability amid continued price swings in the semiconductor hardware space.
The bank’s note suggests that while the underlying demand for AI infrastructure remains robust, the equity valuations of pure-play chip designers and manufacturers have become increasingly erratic.
By contrast, hyperscalers—companies that build and operate the data centers powering these models—are viewed as offering a more diversified and resilient profile.
Mueller-Glissmann’s stance implies that investors should look beyond the hardware suppliers to the end-users of the technology for steadier returns.
This shift in sentiment comes as the broader technology sector has shown renewed confidence, with investors maintaining optimism about expansion plans despite geopolitical tensions in the Middle East.