Goldman Sachs warns of a "hidden bear market" in US stocks; about 60% of S&P 500 constituents have alread
Original headline高盛警告美股出现“隐性熊市” 标普 500 约 60%成分股已陷入熊市
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Goldman Sachs EMEA execution services head Bobby Molavi warned that the S&P 500 is in a "hidden bear market," with roughly 60% of its constituents already in bear-market territory even as the index sits about 3% below its latest record high. In a client note, Molavi flagged the unusual dynamic of AI-related hyperscaler capex stocks and the companies receiving those investments selling off simultaneously, questioning why both sides are being punished when AI disruption remains the base case. The rotation reflects investor concern over the sustainability of massive AI spending, with tech stocks hit hard in recent weeks while most S&P 500 constituents rose over the past month as capital moved from crowded trades into defensive and under-owned sectors. The divergence matters because index-level strength is masking broad-based weakness beneath the surface. What to watch next is whether AI capex guidance holds up and whether the rotation into defensives accelerates.
Muhabbit's AI wrote this summary in its own words from TechFlow's report and translated it from Chinese. It can get details wrong, so check the source.
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S&P 500, Goldman Sachs (GS), Bobby Molavi
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