跟讀練習: Can the Tech Surge Continue? - 通過影片學習英語口語

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This is The Markets.

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,

media, and telecom sector specialist within global banking and markets.

Pete, thanks again for taking the time.

Thanks for having me, Chris.

Okay, let's start with The Markets, Pete, because we've had an almost historic run in tech off the March 30th lows.

Hasn't been as MAG-70 as we've seen in the past.

What do you make of the rally?

Yeah, I'd say three things stand out to me.

One, narrow breadth.

Two, high velocity.

And three, anchored by earnings growth and earnings revisions.

So what do I mean by that?

If I look back over the last three months, the Nasdaq is up 20 percent.

But when you look under the hood, only about half of the stocks in the Nasdaq are even up at all over that stretch.

So you have narrow breadth, again, led by semiconductors, which are up nearly 80 percent this year.

Best year since 1999.

Second, high velocity.

The Nasdaq is off to its second best start to a year in over 25 years.

And so we've really had a really rapid rise this year in tech stock prices.

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.

Incidentally, their earnings have also risen about 30 percent this year.

So you are seeing multiples kept in check driven by strong earnings revisions in tech this year.

All right.

So, you know, you pointed to those earnings.

Let's talk about them a little bit here first quarter results

what'd you make of it yeah it's good earnings from tech

i think the standouts were capex right you had another big

wave of capex revisions i think capex estimates for calendar 27 went up to 20

so you're now looking at something like north of 900 billion dollars of capex in 2027

so that story is still intact

and still pushing higher i think secondly within software i would

say results were mixed we may talk about software later

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.

And think finally perhaps tied to

that first point on CapEx you are still seeing relatively tight capacity across compute and in the AI supply chain.

And in turn you're hearing companies starting to talk about visibility extending out into calendar 27 where semiconductor

and AI infrastructure companies are starting to get orders pushing out that far given the shortages we're seeing today.

Let me drill down to that software point because you pointed we were going to talk about it.

I do want to talk about it

because the software troubles even bled over into the credit markets where private credits go through a problem

because people were worried that they had too much software exposure.

But lately you're starting to see the software stocks working again.

What's going on?

Yeah, listen, the the arts have been tough this year in software, no doubt about it.

But you are seeing dispersion in the group.

And I think that's something that all investors, whether long-only or hedge funds, are happy to see.

It's all about dispersion, trying to pick leaders and laggards within the group.

So there are still debates from here.

Investors are curious about how you think about subscription

and seat models versus consumption models and where we may be headed over the next couple of years.

Investors are trying to figure out

if software is able to deploy AI at the point of sale

or you have this sort of incumbent versus startup debate from here.

And then, of course, the environment's been a little bit choppy to start the year.

You have new AI budget that's getting spent across enterprises.

We obviously had the conflict that is still ongoing.

And so it's been a little bit of a noisy stretch, but at least investors are saying, I can pick winners and losers.

And that's a change from what you'd seen over the last couple of years.

It was sort of correlation one type of pressure across the group.

And does that winner or losers in software just come down to your ability to employ AI versus your not ability?

Frankly, yes.

At the moment, it's whether you are able to indicate that AI is helping your business and driving faster revenue growth.

And if it is, the market is very happy to re-rate shares.

Yeah, it was interesting because everybody wanted to sell software because they thought they would get disintermediated by AI, which is software.

That's exactly right.

So the argument here is, hey, we are the companies that are actually at

that point with all this context in an enterprise and customers will lean on us to help deploy AI for them.

So you mentioned semiconductors having their best year since 1999.

On the one hand, 1999 is, you know, enthusiastic as a Knicks fan.

We're partying like it's 1999.

On the other hand, 1999 didn't end well, even for Knicks fans.

We're hoping for something better this year.

Talk to us about positioning.

Are we over our skis?

Where are we?

Yeah, it's a good question.

I think for semiconductors, listen, it's been a great start to the year.

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.

You have too far, too fast.

You have all that type of stuff that kind of matters over the short term.

But I think over the medium term, what really matters is earnings revisions, right?

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

or momentum unwinds or different pockets of positioning pressures that can show up, of course, when you have moves like this.

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.

Please, we're going to be tapping into you.

All right, what's the trade?

Yeah, one group we haven't talked about yet is U.S.

Internet.

The group, the way I cut the data, is about lagged software on the air, which is probably surprising to people.

There's ongoing debates about sources of funds, about ongoing investment cycles, about the health of the consumer,

and, of course, where AI in the consumer world goes over the next couple of years.

But as of late, you're starting to see a little bit more innovation from the product side on U.S.

Internet companies tied to AI.

The temperature on the consumer seems to be coming down as oil prices have reset off the highs.

And so given that backdrop and cleaner positioning, I'll be watching the U.S.

Internet sector from here.

All right.

We're going to go into June, believe it or not, next week.

100

What are you watching for?

101

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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or an offer or solicitation to purchase or sell any securities or financial products.

135

This material may contain forward-looking statements.

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Past performance is not indicative of future results.

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Neither Goldman Sachs nor any of its affiliates make any representations

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or warranties expressed or implied as to the accuracy

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or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose.

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Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only,

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and is not used to imply any ownership or license rights between any such company and Goldman Sachs.

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A transcript is provided for convenience and may differ from the original video or audio content.

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Goldman Sachs is not responsible for any errors in the transcript.

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This material should not be copied, distributed, published, or reproduced in whole or in part, or disclosed by any recipient to any other person without the express written consent of Goldman Sachs.

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在這一期的節目中，主持人克里斯·哈西與技術、媒體和電信領域的專家皮特·卡拉漢討論了科技股的近期表現與未來趨勢。經過一段時間的低迷後，自三月底以來，科技股的反彈達到了近乎歷史性的水平。兩位專家分析了這一上漲的原因，並探討了與收益增長和投資環境相關的各種因素。

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股票上漲（Stock Rally） - 指股票價格的快速上升。
利潤增長（Earnings Growth） - 公司收入的增長直接影響股市表現。
資本支出（CapEx） - 企業用以購置固定資產的開支，反映出其未來投資的意圖。
市場波動（Market Volatility） - 股票價格的劇烈波動可能影響投資者信心。
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為了更有效地練習英語口語，建議學習者採取以下步驟，通過shadow speak技巧提升自己的聽說能力：

觀看影片：首先仔細觀看相關影片，瞭解整體內容與語境。
分段播放：將影片分成小段，逐段聽取，更容易理解複雜的內容。
模仿跟讀：在聽到關鍵短語時，停頓並嘗試跟讀，注意發音與語調，運用shadowspeaks的技巧。
重複練習：多次重複跟讀，直到對每個短語都能流利表達，感受發音的韻律。
自我錄音：錄下自己的朗讀，比較與原句，注意改進之處，以達到更好的shadow speech效果。

通過這種英語影子跟讀的方式，學習者不僅能夠提高聽力，還能增強自己在日常交流中的自信與流利度。

影片中的語法

說話人最常用的結構，並附上影片中的原話：

結構	影片中的用法
現在完成時 have/has + 過去分詞 — 過去發生但與現在仍有關聯的事	we've had · Hasn't been · we've really had
被動語態 be + 過去分詞 — 強調發生了什麼，而不是誰做的	may be headed · is given · has been correlated
定語從句 who / which + 從句 — 補充說明人或事物	semiconductors, which are · air, which is

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跟讀法 (Shadowing) 是一種有科學依據的語言學習技巧，最初開發用於專業口譯員的培訓，並由多語言者Alexander Arguelles博士普及。這個方法簡單而強大：您在聽英語母語原聲的同時立即大聲重複——就像是一個延遲1-2秒緊跟說話者的影子。與被動聽力或語法練習不同，跟讀法強迫您的大腦和口腔肌肉同時處理並模模擬實的講話模式。研究表明它能顯著提高發音準確性，語調，節奏，連讀，聽力理解和口語流利度——使其成為雅思口語備考和真實英語交流最有效的方法之一。

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跟讀練習: Can the Tech Surge Continue? - 通過影片學習英語口語

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