高盛：人们对AI交易不再是“买入一切”，而是“更有选择性”，是“零和游戏”

Core Insights - The investment frenzy in the AI sector is entering a new phase, shifting from a "buy everything" strategy to a more selective approach characterized by clear winners and losers, resembling a "zero-sum game" [1][3] - Investor confidence in the long-term growth of the AI sector is being tested by uncertainties surrounding financing models, with calls for government involvement to support infrastructure funding [4] - Despite market volatility, there has not been a significant deleveraging among investors, indicating sustained demand for core AI assets [4] Investment Trends - Investors are becoming increasingly selective, with a notable shift away from a broad-based investment approach to a focus on high-quality, compounding companies [5] - The demand for hedging activities has surged, particularly in macro products like ETFs, futures, and options, reflecting heightened risk aversion [4] - Short-selling levels have reached extreme highs, indicating a cautious market sentiment, while long positions in core assets remain stable [4] Market Dynamics - The current market environment is described as "harder to navigate," necessitating more prudent investment strategies [5] - The reliance on central bank support is decreasing, as indicated by a decline in the "monetary policy" factor from its peak in 2023 [6] - The market shows a bullish stance on the S&P 500 index gamma, providing a buffer against localized sell-offs and explaining recent market resilience during corrections [6]