Goldman Sachs identifies China stocks set to benefit from AI hardware exports

Goldman Sachs is making a targeted bet on China’s AI hardware boom, singling out mainland-listed stocks across three sub-sectors that the firm believes will ride a wave of surging exports. The strategy marks a notable shift: rather than parking money in Hong Kong-listed tech giants, Goldman is pointing investors toward onshore companies making the physical stuff that powers artificial intelligence. The three priority areas are the power supply chain, hardware infrastructure (think printed circuit boards, optical modules, and data centers), and what the firm calls “physical AI applications,” a category that includes industrial intelligence and humanoid robots. China’s chip export surge is the catalyst China’s chip exports jumped 111% year-over-year in May 2026, a figure that reflects just how hungry global markets have become for AI hardware. Goldman Sachs sees these hardware-focused segments as offering what analysts describe as robust earnings visibility over the next couple of years. Unlike software plays or broader internet stocks, these companies have order books and supply contracts that make future revenue relatively predictable. The firm’s preference for mainland stocks over...