Goldman Sachs market research shows that as we enter a traditionally turbulent period, market sentiment among global institutional investors is clearly divided. Bulls continue to chase the rally in artificial intelligence (AI)-driven tech stocks, while bears are increasingly wary of slowing economic growth and market concentration risks. Amidst these divergences, a strong consensus has emerged: regardless of bullish or bearish sentiment, going long on gold has become the common choice. Meanwhile, interest in the Chinese market remains high, with 62% of respondents planning to maintain or increase their allocation to Chinese stocks.