Nvidia(US:NVDA) 美股IPO·2025-08-26 05:38Core Viewpoint - The recent pullback in AI-related stocks is viewed as a tactical pause rather than a significant downturn similar to those seen in 2025 or 2024 [1][5][6] Group 1: Market Dynamics - Goldman Sachs has observed that a basket of AI stocks has underperformed the S&P 500 by approximately 400 basis points this month [3] - The pullback is attributed to several factors, including high valuations of AI stocks, renewed skepticism regarding AI investment returns and adoption rates, and a macroeconomic environment that favors cyclical stocks [5][6] Group 2: Institutional Investor Behavior - There is a divergence in strategies among institutional investors, with hedge funds increasing their positions in major tech companies while large mutual funds continue to underweight them [6][9] - Hedge funds have reversed their investment strategy in the second quarter, increasing their exposure to the "Tech Seven" (NVIDIA, Amazon, Apple, and Tesla), with their weight in hedge fund long portfolios rising from 11.8% in Q1 to 12.8% in Q2 [7] - In contrast, large mutual funds have expanded their underweight position in the "Tech Seven" to 819 basis points by early Q3, up from 723 basis points at the beginning of Q2 [9] Group 3: Software Industry Outlook - Goldman Sachs has countered the pessimistic view that "software is dead," which suggests that AI will disrupt the software industry by lowering entry barriers and compressing profits for leading SaaS companies [10][11] - The report indicates that software vendors can capture 10% to 20% of the productivity gains generated by their products, suggesting that the overall market size for application software will expand over time as long as differentiation is maintained [11][12] - This long-term perspective implies that current industry concerns driven by AI may be overstated, and the fundamentals of quality software companies remain solid, potentially providing new investment opportunities during the pullback [12][13]