[Goldman Sachs: AI Trades See July-Style Deleveraging, Storage and Data Center Sectors Most Attractive] BlockBeats News, August 23: Goldman Sachs believes that this week's market movement represents a typical deleveraging trend, similar to the underlying logic of the July sell-off. Goldman’s high-beta momentum portfolio fell 12% this week, while the AI hedge portfolio dropped 10% over five days. Although leverage levels in the AI sector have retreated from extreme highs, momentum-driven capital continues to fuel rapid and indiscriminate dip-buying. Goldman stated that AI trading is not over, but the phase of achieving excess returns through broad sector gains is shifting. The current focus should be on identifying opportunities where stock prices significantly deviate from earnings per share. Among these, the valuation gap in the storage and data center sectors is the most pronounced, as earnings recovery has not been fully reflected in stock prices, making them the most tactically attractive. NVIDIA's Q2 earnings report and the September industry conference will serve as subsequent catalysts. Meanwhile, momentum factors are undergoing realignment, with software replacing semiconductors as the largest weight in the three-month momentum long portfolio, while semiconductors and the AI complex have entered the short portfolio. Goldman also noted that capital is shifting toward previously overlooked areas such as European and Japanese banks, gold miners, and copper mining stocks.