Goldman Sachs raised its 12-month target price for SMIC's H-shares from HK$73.1 to HK$83.5, citing a brighter outlook for long-term demand growth in China's AI chips, which will benefit leading domestic foundries such as SMIC. Analyst Allen Chang stated in a report that demand for AI chips in China will continue to grow, driven by increased capital expenditure budgets by Chinese cloud service providers and the growing diversity of AI end-use applications. Goldman Sachs also raised its 12-month target price for SMIC's A-shares from RMB 160.1 to RMB 182.8, maintaining its 238% valuation premium over the A-share H-shares.