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Goldman Sachs: US technology stocks have no "valuation risk", but have "concentration risk", and it is recommended to diversify investments.
Goldman Sachs believes that the fundamentals of technology stocks are strong, and the valuation of the AI industry is much lower than that of other bubble periods. However, the concentration of technology stocks is currently the highest in decades. In history, if other fast-growing companies emerge and outperform the market, the returns of leading companies usually turn negative.
US stocks closed with mixed performance for the three major indexes. Tesla rose more than 9% over the past two days, while NIO soared 14% after its performance announcement.
Before the non-farm data, there is new evidence of the cooling of the US job market, and economic concerns support a substantial rate cut bet. The yield curve of the 2-year/10-year US Treasury bonds, which briefly inverted for the third time in two years. The S&P 500 fell for the third consecutive day, with Broadcom falling more than 4% after hours, Tesla rising nearly 5%, and Nvidia and Chinese concept stocks rising nearly 1%. The yen reached a one-month high, and the offshore renminbi rose by 300 points to break 7.09 yuan. Gold rose briefly by 1%, and oil prices rose more than 2% before falling. US oil fell below $70 for the first time in 15 months over two days.
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