Goldman Sachs: AI Spending Boom Harbors Concerns, Global Stocks Face Style Rotation

According to TechFlow Research, the Goldman Sachs Global Weekly Outlook noted that global stock markets fell approximately 2% last week. Intensified momentum unwinding dragged the technology sector down by 5%, while Japan, South Korea, and Taiwan saw declines ranging from 3% to 9%. Middle East tensions pushed Brent crude back above $88 per barrel, with energy and defensive sectors outperforming. The Goldman Sachs strategy team warned that the AI capital expenditure boom is accumulating risks. If the profitability of large-cap technology stocks declines before AI returns materialize, the stock market will face a double shock. Its long-term "regime-neutral" portfolio indicates lower equity weight, lower technology weight, and higher real asset allocation, 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 such as Europe and Japan, hedging tail risks by going long volatility through options, and selectively participating in application-layer targets with stronger AI monetization capabilities.