According to Kirk, provided geopolitical tensions do not deteriorate significantly, current valuations offer an appealing opportunity to build positions in selected AI beneficiaries. He added that Goldman continues to believe the long-term investment case for AI remains intact. The comments come after semiconductor stocks across Japan, South Korea and Taiwan were caught up in a broad global retreat from AI-related investments. Goldman expects AI-related businesses to account for a significant share of that earnings growth. Nevertheless, Goldman argues that robust corporate results could provide the catalyst for investors to re-engage with Japan’s AI investment theme after the recent correction.