शैडोइंग अभ्यास: Can the Tech Surge Continue? - वीडियो के साथ अंग्रेजी बोलना सीखें
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146 वाक्य
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This is The Markets.
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I'm Chris Hussey, and today is Thursday, May 28th, and I'm here on the Goldman Sachs trading floor with Pete Callahan, who is the U.S tech,
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media, and telecom sector specialist within global banking and markets.
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Pete, thanks again for taking the time.
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Thanks for having me, Chris.
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Okay, let's start with The Markets, Pete, because we've had an almost historic run in tech off the March 30th lows.
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Hasn't been as MAG-70 as we've seen in the past.
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What do you make of the rally?
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Yeah, I'd say three things stand out to me.
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One, narrow breadth.
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Two, high velocity.
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And three, anchored by earnings growth and earnings revisions.
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So what do I mean by that?
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If I look back over the last three months, the Nasdaq is up 20 percent.
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But when you look under the hood, only about half of the stocks in the Nasdaq are even up at all over that stretch.
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So you have narrow breadth, again, led by semiconductors, which are up nearly 80 percent this year.
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Best year since 1999.
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Second, high velocity.
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The Nasdaq is off to its second best start to a year in over 25 years.
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And so we've really had a really rapid rise this year in tech stock prices.
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And finally, in terms of earnings growth, if you looked at sort of AI stocks within the S&P 500, that group was about 30 up about 30 percent this year.
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Incidentally, their earnings have also risen about 30 percent this year.
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So you are seeing multiples kept in check driven by strong earnings revisions in tech this year.
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All right.
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So, you know, you pointed to those earnings.
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Let's talk about them a little bit here first quarter results
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what'd you make of it yeah it's good earnings from tech
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i think the standouts were capex right you had another big
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wave of capex revisions i think capex estimates for calendar 27 went up to 20
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so you're now looking at something like north of 900 billion dollars of capex in 2027
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so that story is still intact
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and still pushing higher i think secondly within software i would
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say results were mixed we may talk about software later
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but some good some not good but but the nice thing is you're actually starting to see some dispersion in that space, and that's been a welcome sign for investors.
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And think finally perhaps tied to
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that first point on CapEx you are still seeing relatively tight capacity across compute and in the AI supply chain.
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And in turn you're hearing companies starting to talk about visibility extending out into calendar 27 where semiconductor
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and AI infrastructure companies are starting to get orders pushing out that far given the shortages we're seeing today.
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Let me drill down to that software point because you pointed we were going to talk about it.
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I do want to talk about it
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because the software troubles even bled over into the credit markets where private credits go through a problem
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because people were worried that they had too much software exposure.
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But lately you're starting to see the software stocks working again.
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What's going on?
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Yeah, listen, the the arts have been tough this year in software, no doubt about it.
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But you are seeing dispersion in the group.
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And I think that's something that all investors, whether long-only or hedge funds, are happy to see.
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It's all about dispersion, trying to pick leaders and laggards within the group.
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So there are still debates from here.
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Investors are curious about how you think about subscription
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and seat models versus consumption models and where we may be headed over the next couple of years.
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Investors are trying to figure out
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if software is able to deploy AI at the point of sale
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or you have this sort of incumbent versus startup debate from here.
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And then, of course, the environment's been a little bit choppy to start the year.
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You have new AI budget that's getting spent across enterprises.
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We obviously had the conflict that is still ongoing.
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And so it's been a little bit of a noisy stretch, but at least investors are saying, I can pick winners and losers.
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And that's a change from what you'd seen over the last couple of years.
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It was sort of correlation one type of pressure across the group.
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And does that winner or losers in software just come down to your ability to employ AI versus your not ability?
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Frankly, yes.
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At the moment, it's whether you are able to indicate that AI is helping your business and driving faster revenue growth.
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And if it is, the market is very happy to re-rate shares.
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Yeah, it was interesting because everybody wanted to sell software because they thought they would get disintermediated by AI, which is software.
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That's exactly right.
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So the argument here is, hey, we are the companies that are actually at
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that point with all this context in an enterprise and customers will lean on us to help deploy AI for them.
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So you mentioned semiconductors having their best year since 1999.
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On the one hand, 1999 is, you know, enthusiastic as a Knicks fan.
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We're partying like it's 1999.
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On the other hand, 1999 didn't end well, even for Knicks fans.
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We're hoping for something better this year.
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Talk to us about positioning.
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Are we over our skis?
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Where are we?
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Yeah, it's a good question.
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I think for semiconductors, listen, it's been a great start to the year.
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I think any time a group's up 80% like it is in five months, there's, of course, you have sort of these momentum dynamics.
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You have too far, too fast.
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You have all that type of stuff that kind of matters over the short term.
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But I think over the medium term, what really matters is earnings revisions, right?
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And as long as you are getting earnings revisions for this group, which helps keep multiples in track, I think investors will be comfortable adding to this group on pullbacks
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or momentum unwinds or different pockets of positioning pressures that can show up, of course, when you have moves like this.
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So I think at the end of the day, just keep tracking the earnings growth, and I'll do my best to keep this group informed.
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Please, we're going to be tapping into you.
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All right, what's the trade?
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Yeah, one group we haven't talked about yet is U.S.
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Internet.
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The group, the way I cut the data, is about lagged software on the air, which is probably surprising to people.
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There's ongoing debates about sources of funds, about ongoing investment cycles, about the health of the consumer,
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and, of course, where AI in the consumer world goes over the next couple of years.
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But as of late, you're starting to see a little bit more innovation from the product side on U.S.
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Internet companies tied to AI.
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The temperature on the consumer seems to be coming down as oil prices have reset off the highs.
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And so given that backdrop and cleaner positioning, I'll be watching the U.S.
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Internet sector from here.
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All right.
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We're going to go into June, believe it or not, next week.
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What are you watching for?
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Yeah, I mean, just two things really, right?
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It's macro data.
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So you're going to get the sort of new monthly data, NFP data, and then mid-month CPI.
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And so we're just looking for the mix of jobs, data, and then of course what the inflation story is given the geopolitical conflict.
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And then otherwise in tech, we have a bunch of user conferences and things like that across software and semiconductors.
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And so I'll be looking to see how that sets the temperature and the tone on generative AI into the summer months.
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You mentioned inflation.
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Historically, tech has been correlated with rates.
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Do rates matter to tech anymore?
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They could matter.
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At the moment, the market's OK with that.
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Candidly, there's been so many cost inflation inputs into tech
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when you think about what the sort of AI supply chains had to weather in terms of input costs.
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So I think the market looks at and says in the context of everything we're dealing with to deliver this infrastructure, it's something to keep an eye on.
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But at these levels, it has not been a primary concern.
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No, it really hasn't been.
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All right.
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I'm not looking at any of those things.
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I'm just looking at Wednesday night.
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We start the NBA finals.
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So last question.
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Can the Knicks win the championship?
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Why not?
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Why not?
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All right.
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I'll take that as a rave.
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Pete, thanks so much for joining us.
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Thanks for having me.
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That does it for this week's episode of The Markets.
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I'm Chris Hussey.
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Thanks for joining us.
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The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates.
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The material provided is intended for informational purposes only and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action,
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This material may contain forward-looking statements.
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Copyright 2026, Goldman Sachs.
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संदर्भ और पृष्ठभूमि
इस वीडियो में, क्रिस हसे और पीट कैलहान अमेरिका के तकनीकी, मीडिया और टेलीकॉम क्षेत्र की वर्तमान स्थिति पर चर्चा करते हैं। उन्होंने हाल ही में तकनीकी शेयरों में वृद्धि और उसके पीछे के कारणों का विश्लेषण किया। इस बातचीत के दौरान, कई महत्वपूर्ण बिंदुओं का उल्लेख किया गया है जो इंगित करते हैं कि कैसे तकनीकी कंपनियाँ अभी भी मजबूती से बढ़ रही हैं और भविष्य की संभावनाओं का मूल्यांकन कर रही हैं।
दैनिक संवाद के लिए शीर्ष 5 वाक्यांश
- “क्या आप इस रैली के बारे में क्या सोचते हैं?” - यह सवाल किसी से उनकी राय पूछने के लिए उपयोगी है।
- “आधार पर कमाई वृद्धि का क्या असर हुआ है?” - इस वाक्यांश का उपयोग कमाई के आंकड़ों पर चर्चा करने के लिए करें।
- “क्या आप इस वर्ष की सबसे बड़ी चुनौतियों के बारे में सोचते हैं?” - इस वाक्यांश का इस्तेमाल बातचीत में गहराई लाने के लिए करें।
- “क्या हालात बदल रहे हैं?” - इसके माध्यम से किसी विशेष विषय पर नजर बनाए रखें।
- “क्या आपको इस क्षेत्र में बदलाव दिख रहे हैं?” - यह व्यावसायिक या आर्थिक विषयों पर चर्चा करते समय उपयोगी है।
स्टेप-बाय-स्टेप शैडोज़िंग गाइड
वीडियो में चर्चा की गई विषय वस्तु की जटिलता को ध्यान में रखते हुए, शैडोज़िंग की इस प्रक्रिया का पालन करें:
- पहला चरण: वीडियो को ध्यानपूर्वक सुनें और समझें कि पीट कैलहान के द्वारा बताए गए मुख्य बिंदुओं क्या हैं।
- दूसरा चरण: हर एक वाक्यांश को ध्यान से सुनें और उसे दोहराएं। यह आपके अंग्रेजी उच्चारण में सुधार में मदद करेगा।
- तीसरा चरण: महत्वपूर्ण वाक्यांशों को लिखें और उन्हें अपने दैनिक संवाद का हिस्सा बनाएं।
- चौथा चरण: वीडियो को बार-बार सुनें और shadow speech तकनीक का उपयोग करें, जिससे आप उच्चारण में सुधार कर सकें।
- पाँचवां चरण: दोस्तों या परिवार के साथ इन वाक्यांशों का अभ्यास करें, ताकि आप यूट्यूब से अंग्रेजी सीखें करने के लिए और अधिक आत्मविश्वासी बन सकें।
इस शैडोज़िंग प्रक्रिया का पालन करने से आप न केवल अंग्रेजी बोलने में सुधार कर पाएंगे, बल्कि तकनीकी वार्तालापों में भी अधिक सहजता से भाग ले सकेंगे।
इस वीडियो का व्याकरण
वक्ता जिन संरचनाओं का सबसे अधिक प्रयोग करता है, वीडियो के असली शब्दों के साथ:
| संरचना | वीडियो में |
|---|---|
| Present perfect have/has + past participle — बीता हुआ काम जिसका असर अभी भी है | we've had · Hasn't been · we've really had |
| Passive voice be + past participle — ज़ोर इस पर कि क्या होता है, न कि कौन करता है | may be headed · is given · has been correlated |
| Relative clauses who / which + उपवाक्य — व्यक्ति या वस्तु के बारे में अतिरिक्त जानकारी | semiconductors, which are · air, which is |
शैडोइंग तकनीक क्या है?
शैडोइंग (Shadowing) एक विज्ञान-समर्थित भाषा सीखने की तकनीक है जो मूल रूप से पेशेवर दुभाषिया प्रशिक्षण के लिए विकसित की गई थी। विधि सरल लेकिन शक्तिशाली है: आप मूल अंग्रेज़ी ऑडियो सुनते हैं और तुरंत इसे ज़ोर से दोहराते हैं — जैसे वक्ता की छाया 1-2 सेकंड की देरी से। शोध से पता चलता है कि यह उच्चारण सटीकता, स्वर, लय, जुड़ी हुई ध्वनियाँ, सुनने की समझ और बोलने की प्रवाहशीलता में काफ़ी सुधार करता है।