According to CoinMeta, Goldman Sachs warns of a hidden bear market in the U.S. stock market, with approximately 60% of the components of the S&P 500 index already in bear market territory. A trader from Goldman Sachs Group, Bobby Molavi, pointed out that although the S&P 500 index is only about 3% away from its latest historical high, the capital expenditures of tech giants driving up artificial intelligence-related stocks have coincided with declines in stocks of companies that receive these investments. In a report to clients, he stated, “I don’t understand why both parties would be penalized by the market at the same time, especially when it is still a basic expectation that artificial intelligence will change everything.” He described the current market situation as a hidden bear market, with investors pulling out of related stocks due to concerns about the sustainability of massive artificial intelligence expenditures, leading to large-scale market rotations and heavy losses for tech stocks in recent weeks. On the other hand, most components of the S&P 500 index have still been rising over the past month, with funds shifting from crowded sectors to defensive sectors and areas that were previously underweighted.