In his latest report, Peter Oppenheimer, Chief Global Equity Strategist at Goldman Sachs, pointed out that global equity markets are undergoing a healthy normalization process, with market returns synchronously spreading across geographical and industry dimensions, and the value of diversified allocation significantly recovering. Since early 2025, this "great diffusion" trend has accelerated significantly, with the US stock market performing relatively weaker, while Japan, Asia-Pacific, and emerging markets have recorded strong gains in local currency terms. The report emphasized that the massive capital expenditures of mega-cap tech stocks are eroding their free cash flow yields, leading to a downward revaluation of the tech sector, while boosting the growth prospects and valuations of traditional industries such as industrials. Goldman Sachs believes that this market rotation is driven by earnings fundamentals, rather than valuation expansion or declining interest rates, and investors' opportunities to obtain returns from truly diversified allocations are increasing.