Goldman Sachs: Hidden Concerns Cloud AI Spending Boom, Global Stock Markets Face Style Rotation

According to TechFlow Research, the Goldman Sachs Global Weekly Outlook pointed out that global stock markets fell about 2% last week. Accelerated momentum unwinding dragged the tech sector down by 5%, with declines in Japan, South Korea, and Taiwan reaching 3% to 9%. Middle East tensions pushed Brent crude back above $88/barrel, leading energy and defensive sectors to outperform. The Goldman Sachs strategy team warned that the AI capital expenditure boom is accumulating risks. If big tech profitability declines before AI returns materialize, the stock market will suffer a double shock. Their long-term "regime-neutral" portfolio indicates lower equity weight, lower tech weight, and higher allocation to real assets, but the cost of comprehensive position reduction in the short term is too high. Goldman Sachs proposed five compromise strategies: tilting towards quality factors, increasing allocation to real assets such as commodities and infrastructure, diversifying geographically to discounted markets like Europe and Japan, hedging tail risks by going long volatility via options, and selectively participating in application-layer targets with stronger AI monetization capabilities.