Goldman Sachs: AI Infrastructure and Japan-India M&A Drive Asia-Pacific Growth
nashnova research
Goldman Sachs Asia-Pacific president Kevin Sneader said AI infrastructure spending is driving growth across Japan, India, and China, with North Asia benefiting most; Goldman remains fully committed to China and sees India as a hub for AI-enabled companies with long-term upside.
What exactly is AI capital spending powering?
Sneader pointed to strong growth momentum across Japan, India, and China, with AI infrastructure spending as a key driver.
North Asia benefits most from AI-related capex. This means → economies with semiconductor and hardware supply chains — Korea, Japan — are first in line for the money.
In plain terms = the AI boom is not just a software story. The "infrastructure layer" — data centers, chips — is where capital is flowing fastest right now.
India has no homegrown large language model — why isn't that a disadvantage?
Goldman identified 42 AI-enabled companies listed on Indian exchanges, with aggregate market-cap growth of roughly 60%.
Sneader stressed that India's lack of a homegrown LLM is not a weakness: "India is home to what we call AI enablers." This means → India's edge is not in building foundation models but in applying AI to transform existing industries.
He singled out Indian agriculture, where 42% of segments could benefit from AI — a sizable long-term opportunity. Goldman opened a new Mumbai office last year.
Is Goldman still doing business in China?
Sneader acknowledged a complex macro backdrop — weak domestic consumption, but strong manufacturing and tech sectors.
He was explicit: Goldman will stay actively engaged. "We believe the deal flow will continue, and we want to be part of it."
He pushed back on the notion that U.S. firms cannot operate in the current trade environment, saying there is ample client-driven business in China. In plain terms = Goldman's position is: trade friction is trade friction; where clients have needs, we show up.
Is tighter IPO oversight in Hong Kong good or bad?
Sneader said Hong Kong IPO activity still has momentum and welcomed regulators' tighter IPO pricing scrutiny.
Transparency and clarity "are what really matter," he said. This means → stricter standards may filter out some deals short-term, but they raise market quality over time.
This reflects a top-tier bank's stance: the clearer the rules, the more business flows to well-positioned firms.
Will AI lead Goldman to cut staff?
Sneader said hiring is still proceeding fully and called it "too early to predict how AI will reshape headcount."
He reiterated the bank's ongoing focus on cost discipline. In plain terms = no cuts now, but spending gets sharper — the internal impact of AI is still being assessed.
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