According to CoinMeta, Goldman Sachs warns that there is a “hidden bear market” in the U.S. stock market, with approximately 60% of the components of the S&P 500 index already in a bear market. Although the S&P 500 index is only about 3% away from its latest historical high, a trader from Goldman Sachs, Bobby Molavi, pointed out that while the capital expenditures of tech giants driving up artificial intelligence-related stocks have increased, the stocks of companies that have received these investments have simultaneously declined. In a report to clients, he stated, “I don’t understand why both parties would be punished by the market at the same time, especially when it is still a basic expectation that artificial intelligence will change everything.” He described the current market situation as a “hidden bear market.” As investors withdraw from these stocks due to concerns about the sustainability of massive artificial intelligence expenditures, there has been a large-scale rotation in the market, and tech stocks have suffered heavy losses in recent weeks. On the other hand, most components of the S&P 500 index have still risen over the past month, with funds shifting from crowded sectors to defensive sectors and areas that were previously underweighted.