BlockBeats News, July 2nd, Goldman Sachs' market strategy team believes that the continued rise of the U.S. stock market is inseparable from AI infrastructure. While the S&P 500 continues to hit new highs, the driving force behind the index's advance is not uniform, with AI-related sectors remaining the most important engine.

Goldman's Tony Pasquariello stated in a client note that if the S&P 500 closes above 7530 points by the end of the year, it will achieve a consecutive four-year double-digit increase. This situation is extremely rare in the history of the index, with the last time a similar performance was approached being during the tech bull market from 1995 to 1999.

However, the structure of this rally is highly concentrated. Goldman's data shows that the best-performing sectors this year are mainly from the AI infrastructure. Sectors such as storage chips, data centers, and AI semiconductors have far outpaced the broader market. This indicates that the market is not experiencing a broad-based rally but is being driven by a group of stocks most directly related to AI capital spending.

This structure has a dual nature. On the positive side, as long as AI orders, earnings, and capital expenditure expectations continue to materialize, the broader market still has upside support. AI infrastructure is not only boosting tech stocks but has also spread to sectors such as electrical equipment, industrials, materials, and data center real estate. On the negative side, the higher the index's reliance on a few themes, the more sensitive the market will be to changes in AI expectations.

Goldman believes that AI remains a core driver of the U.S. stock market's rise, but it is also a potential source of volatility. If investors continue to believe that AI capital spending will translate into profits, the concentrated market trend may continue; however, if the market begins to question the return on investment, the most overcrowded AI infrastructure stocks may come under pressure first, dragging down overall market risk appetite.