Goldman Sachs pointed out that as the price of Brent crude oil rose about 6% to 117 US dollars per barrel this week, the market's focus on high oil prices is shifting from inflationary pressure to economic growth risks. US 10-year Treasury yields fell below 5% for the first time since the Federal Reserve raised interest rates in September, reflecting heightened investors' concerns about the economic outlook. Goldman Sachs believes that the current inflationary pressure is still temporary. It is expected that the Federal Reserve will raise interest rates again at the December interest rate meeting, but there is also a possibility that it will stop further interest rate hikes. Meanwhile, the market continues to question the sustainability of AI infrastructure investment. The semiconductor and chip equipment sector has experienced double-digit declines since October, while large technology companies such as Microsoft have performed relatively steadily. Goldman Sachs pointed out that as Amazon, Alphabet, and Microsoft are about to release financial reports, the market will further test the profit prospects of AI investments. Currently, the market expects earnings per share of the S&P 500 index constituent stocks to increase 27% year-on-year in the third quarter, with median companies increasing by about 9%.

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