Goldman Sachs: The volatility at this time of year is a "normal phenomenon" and not "abnormal."

According to Zhito Finance, Goldman Sachs believes that the recent approximately 5% pullback in the U.S. stock market is a typical year-end seasonal fluctuation during the AI cycle and does not signal an abnormal end to the upward trend.

Goldman Sachs traders pointed out that despite the market experiencing a pullback, there is still room for growth before the end of the year. With the combined effects of seasonal factors, the still early stage of the AI investment cycle, and relatively light institutional positioning, the index still has the potential to rise further.

According to Shreeti Kapa, a trader in fixed income, foreign exchange, and commodities at Goldman Sachs, a 5% decline at this time of year is a normal phenomenon in this cycle. She believes that although the market has experienced a strong rebound since the April low, overall it "has not been excessive."