Goldman Sachs' research report indicates that offshore "soft tech" / internet companies' Q2 earnings were slightly below expectations, with the nine major internet companies tracked by Goldman Sachs experiencing a 13% year-over-year decline in Q2 earnings. However, the firm believes that earnings growth is bottoming out, with market consensus expecting Q3 earnings growth to turn positive to +17%, further accelerating to +25% in Q4. Key factors supporting the recovery include a slowdown in food delivery subsidy competition, new revenue streams from AI and cloud monetization, and the sustained cash-generating capability of e-commerce businesses.