[Goldman Sachs Warns of AI Bubble: The Entire Market Will Reprice When the First Giant Cuts Spending] According to a report by Jinse Finance on June 23, Goldman Sachs strategists have warned that the AI market is like a stretched rubber band, and the market's continued disregard for negative signals will eventually reach a tipping point—once any major tech giant takes the lead in cutting AI spending, the valuation logic of the entire AI sector will face a comprehensive overhaul. Privorotsky, a strategist from Goldman Sachs' Global Banking and Markets division, noted in a research report on Tuesday that in recent weeks, the market has almost entirely ignored all negative signals emerging from AI capital expenditure transactions. He specifically highlighted a growing structural divergence: hyperscale cloud computing providers are continuously increasing their spending commitments, yet their stock prices have consistently underperformed the broader market; meanwhile, AI hardware stocks represented by NVIDIA and TSMC have risen against the trend. This divergence itself is a signal of distorted market pricing.