Goldman Sachs: A pullback in the US stock market does not necessarily mean a peak, and technology equity has become a source of market pressure BlockBeats News: On June 29th, Goldman Sachs strategists stated that this week's weakness in the US stock market is more like a structural adjustment dragged down by large tech stocks, rather than a clear signal of a comprehensive market peak. As of the afternoon of last Friday's trading day, the S&P 500 index may still fall by more than 1.5% this week. However, the macro background facing the market is not entirely negative: oil prices fell by about 10% this week, 10-year US Treasury yields fell by more than 10 basis points to 4.37%, core PCE inflation in May was basically in line with expectations, and Micron's performance also showed that AI related demand remains resilient. The real ones suppressing the index are the large cap technology stocks. Goldman Sachs said that the seven major tech stocks generally fell 3% to 8% this week, as their market value weight in the S&P 500 is too high, and the rise of other component stocks is difficult to offset its drag. At the same time, market breadth has actually improved, with 8 out of 11 major industries rising this week, and the equally weighted S&P 500 performing better than the market capitalization weighted index this year. This means that the market may be shifting from a market dominated by a few tech giants to a more diversified sector rotation. But Goldman Sachs also reminds that the AI investment cycle remains one of the most concerning risks for investors. At present, large Internet companies are shifting from asset light model to capital intensive model. Although the market has rewarded this transition, it is also increasingly concerned about the sustainability of AI capital expenditure. The report points out that the market has not yet seen signs of a significant slowdown in AI capital expenditures, but consensus expectations suggest that capital intensity may peak this year or next year. Goldman Sachs also stated that the current scale of AI investment is approaching, and may even exceed, the peak of technology investment in the 1990s. Goldman Sachs' conclusion is not to withdraw from the market, but to advise investors to continue focusing on assets with upward profit momentum. This round of correction is more like a release of pressure from a highly concentrated market, rather than a confirmation signal of the end of the bull market.