July Déjà Vu! Goldman Sachs: Storage 'Stock-Performance Gap' Most Attractive, Financials and Hard Assets Emerge as New Hot Spots

Goldman Sachs believes the era of "effortless gains" in AI trading is over, with current excess returns existing only in precise dip-buying when stock prices deviate excessively from earnings, making storage and data centers the most tactically attractive. Meanwhile, the market is rapidly moving away from a single AI narrative toward a multi-point bloom: momentum factors are shifting to software, European and Japanese banks face structural opportunities, gold miners and copper stocks have room for valuation and earnings recovery, and France's political risk premium is underpriced.