Goldman Sachs: Bulls in US stocks continue to press forward with AI, while bears are concerned about growth and concentration. Consensus is bullish on gold.

Goldman Sachs market research shows that as we enter the traditional "challenging autumn", the market sentiment of global institutional investors is clearly divided. The bull camp continues to chase the rise of technology stocks driven by artificial intelligence, while the bear camp is increasingly vigilant about slowing economic growth and market concentration risks. Despite the differences, a strong consensus has emerged: whether bullish or bearish, going long on gold has become everyone's common choice. At the same time, the level of attention to the Chinese market continues to remain high, with 62% of respondents planning to maintain or increase their allocation to Chinese stocks.