Goldman Sachs published a report on August 10, stating that global markets are undergoing a structural shift from "savings glut" to "capital scarcity." The report analyzed three seemingly independent events—the liquidation of highly leveraged AI positions, long-term U.S. Treasury yields reaching a 19-year high during a rate-cutting cycle (the 30-year U.S. Treasury yield touched 5.27% on August 1), and repeated breakdowns of the Strait of Hormuz ceasefire agreement—within the same framework. Goldman Sachs believes that AI infrastructure, government borrowing, and disrupted physical supply are simultaneously consuming limited global capital, leading to increased market volatility, and noted that the role central banks can play in this shift is diminishing.