[Goldman Sachs: IPO recovery of US stocks is far from reaching the early "Internet foam" level, and AI driven financing has become the core driver] Golden Finance reported that Goldman Sachs said that although the US IPO market will recover significantly in 2026, the current heat is still significantly lower than the speculative mania during the Internet foam. As of 2026, approximately 50 companies in the United States have completed IPOs, doubling from the same period last year; The financing scale is about 120 billion US dollars, which is close to the record level for the whole year of 2021. Goldman Sachs' chief US stock strategist Ben Snider pointed out that the current IPO recovery is more of a "normal cyclical rebound", driven by factors such as the wave of large corporate IPOs and the increasing demand for AI related capital expenditures. Compared with the Internet foam in 2000 and the market craze in 2021, the current market is still short of extreme speculative issuance. In the past 25 years, the average number of IPOs in the United States has been around 100 per year, with over 250 in 2021 and even closer to 400 in 1999. However, the current market still has "early foam characteristics" such as overvaluation and AI dominated investment themes. However, from the perspective of the number of IPOs, the overall market is closer to structural recovery rather than the overall speculative cycle.