Nymex crude oil futures main contract just broke through the $79.00/barrel mark, now reported at $78.99/barrel, down 0.44% on the day.

The aftershocks of Jensen Huang's resignation have not subsided, and next week the AI sector faces a "double test": Nvidia's first financial report in the "post-Huang era"—if the performance falls short of expectations, the market's punishment will be intensified; Anthropic is launching its IPO with a trillion-dollar valuation. Two major uncertainties are looming, which will directly determine whether global capital's faith in AI can be sustained.

Goldman Sachs’ 2027 Global Equity Strategy points out that the AI capital expenditure boom is nearing its peak, and global profit growth will slow significantly. S&P 500 earnings growth is expected to drop from 36% to 11%, with depreciation pressures gradually emerging. However, cloud giants’ valuations have adjusted to a forward P/E of 19.7, lower than the staples sector, and are classified as “relatively defensive” assets. Goldman Sachs predicts an S&P 500 target of 8,700 points and suggests overweighting the US and Japan, while underweighting Europe.

After Jensen Huang stepped down, his Nvidia holdings of approximately 812 million shares, valued at $135 billion, became a major pressure on the stock price. Any reduction in holdings is subject to both legal and market constraints: shares can only be sold compliantly after the disclosure of any undisclosed negative information, and the volume is equivalent to six trading days’ total market transactions, meaning large-scale cashouts would have to be spread over several months.

After a simultaneous technical and position-based recovery in the US stock market, Goldman Sachs, Morgan Stanley, and JPMorgan have successively signaled a year-end rebound. Extremely light positions, mean reversion of valuations, and seasonal support together create conditions for a short squeeze. However, global manufacturing import price inflation has annualized at around 24%, surpassing the pandemic peak, and the inflation bill will come due intensively in the first quarter of next year. Goldman Sachs warns that once the year-end rally materializes, it may exhaust future upside potential.