Goldman Sachs has given Buy ratings to Walltech Technology and Muxi shares, expecting that spending by Chinese cloud companies will drive growth.

Goldman Sachs has given Buy ratings to Bitmain Technology and Muxi Co., Ltd. for the first time, stating that the rise in cloud computing capital expenditure in China and the expansion of advanced manufacturing capacity are expected to drive their business growth. Goldman Sachs predicts that Bitmain Technology's AI training/inference GPU business will achieve a compound annual growth rate of 101% between 2025 and 2030, with AI chip shipments increasing from 30,000 pieces in 2025 to 900,000 pieces in 2030. It is expected that Muxi Co., Ltd.'s AI training and inference GPU business will achieve a compound annual growth rate of 88% during the same period. The 12-month target price for Bitmain Technology is set at HK$54, while for Muxi Co., Ltd. it is set at RMB 811.