Market Intelligence: US Morning Update

研报英文原文证据摘录

Market Intelligence: US Morning Update

Goldman Sachs Market Intelligence

US Morning Call for July 13, 2026:

Click “here” to listen to the US Morning Call.

Semiconductors, Schneider/You: EDA: Poised to begin capturing Agentic AI value

with potential revenue acceleration—Buy CDNS, SNPS. Look for the shift toward

custom AI silicon (ASIC) to exacerbate a structural shortage of ~72,000 chip designers by

2030 and believe that EDA companies are uniquely positioned to monetize this

opportunity using Agentic AI – an incremental ~$3.7bn/year opportunity not reflected

in Street estimates. Look for Buy-rated CDNS and SNPS to inflect from “pre-AI”

mid-teens growers to mid-20% and ~20% revenue growth respectively, with initial proof

points as early as 2H26. Raise CDNS 12-month price target to $470 (from $410). SNPS

12-month price target, $600.

Power SD Update, Davenport: Introducing Regional US Data Center Demand Views,

and Raising CAGR to 3.5%. We raise our US power demand outlook through 2030 to

3.5% CAGR (from 3.2%) as data center electricity needs accelerate sharply, with PJM

expected to remain the largest regional market and MISO closing the gap on ERCOT as

the second largest. Best positioned: Buy-rated FE, AEP, TLN, VST, and NRG.

Praxis Precision Medicines Inc. (PRAX, Buy), Strang: Next potential mid-cap growth

story in biotech, led by >$10B market opportunity in essential tremor; Initiate at

Buy, $447 PT.

Stoke Therapeutics Inc. (STOK, Buy), Strang: Disease-modifying, blockbuster

potential in Dravet syndrome; Initiate at Buy, $44 PT.

Erasca Inc. (ERAS, Early-stage Biotech), Strang: Potential differentiation in large

RAS mutant oncology opportunities; Initiate as Early Stage Biotech.

We initiate coverage on three clinical-stage companies across Biotech. Initiate PRAX at

Buy.