According to CoinMeta, Goldman Sachs believes that this week's market trend is characterized by deleveraging. Goldman Sachs' high-beta momentum portfolio has fallen by 12%, while the AI hedging portfolio has declined by 10% over five days. Goldman Sachs stated that the AI trading has not yet concluded, and the storage and data center sectors are considered the most tactically attractive. NVIDIA's second-quarter financial report and the industry conference in September will serve as subsequent catalysts. Software has replaced semiconductors as the largest weight in the three-month momentum bullish portfolio. Semiconductors and the AI composite have entered a bearish portfolio, with funds shifting towards European and Japanese banks, gold miners, and copper mining stocks.