Goldman Sachs Market Research: As we enter September, the bulls in the US stock market continue to bet on artificial intelligence, while the bears are concerned about the concentration of CKH Holdings. Everyone is bullish on gold.

Goldman Sachs market research shows that as we enter the traditional "autumn of many events", the market sentiment of global institutional investors is showing a clear division. The bull camp continues to chase the rise of technology stocks driven by artificial intelligence (AI), while the bear camp is increasingly wary of slowing economic growth and market concentration risks. Amidst the disagreement, a strong consensus has emerged: whether bullish or bearish, going long on gold has become everyone's common choice. At the same time, attention in the Chinese market continues to remain high, with 62% of respondents planning to maintain or increase their allocation to Chinese stocks. Bullish and bearish divergence: AI faith and growth concerns coexist This survey of 804 institutional investors indicates that although overall risk sentiment has improved compared to the previous month and recession concerns have further subsided, the market has formed two major camps. The bull camp remains optimistic about the future performance of US stocks, especially the "Magnificent 7" technology giants, believing that the AI narrative is far from over. Over half of the respondents said they plan to maintain or increase their long positions in the "Magnificent 7" technology giants. However, there is a slight decrease in new capital flowing into these trades, indicating some changes beneath the surface of the hype. On the other hand, the bears' focus on risk is also clear. They are mainly concerned that the slowdown in the US economy may exceed expectations, and about the concentration risk brought by the dominance of large technology stocks in the market. Regarding the latter, investors' views are also divided, with 46% of respondents expecting increased differentiation between large stocks and the rest of the market, while 38% expect decreased differentiation. Gold is King: Long positions reach record highs Of all asset classes, gold has become the most undisputed choice. According to the survey report, the ratio of investors bullish on gold price trends to those bearish on gold is close to 8 to 1. This is the first time that gold has become the most popular long trade in a Goldman Sachs survey, and its popularity is "unprecedented", even surpassing developed market stocks. The report analysis indicates that both bulls who anticipate the start of a rate cut cycle by the Federal Reserve and bears concerned about the independence of the Fed and seeking safe havens view gold as an ideal allocation. In addition, demand from central banks and potential private investors from various countries has also pushed the belief in going long on gold to new highs. China Market in Focus, Dollar Consensus Reappears The survey also shows that investor interest in the Chinese market is on the rise. When asked which market would perform better this month between US stocks (S&P 500) and the Chinese stock market (MSCI China), investors' opinions are almost evenly split, showing that the attention to the Chinese market is now on par with US stocks. Data shows that as many as 62% of respondents plan to maintain or increase their positions in the Chinese stock market. This reflects an increased attraction of the market following a strong rebound in the summer, but the report also points out that some recent dynamics in the market have cooled off the enthusiasm of some investors, raising concerns about potential pullback risks. In addition, the trend of the dollar has once again become a focus. Following a brief rebound last month, the consensus to go short on the dollar seems to have regained momentum. However, there is still no clear consensus among investors regarding the key factors driving the trend of the dollar in the remaining time of the year whether it be interest rate differentials, Federal Reserve policies, or global reserve diversification.