Goldman Sachs Asset Management (GSAM) is making significant adjustments to its investment portfolio, withdrawing from the strong tech stocks and instead investing in energy stocks and the Japanese stock market, which have more attractive valuations.Currently, the returns of the "Big Seven" tech stocks in the US are starting to diverge. While NVIDIA has risen by 72% year-to-date, the performance of Apple and Tesla has been disappointing. Apple's stock price has been struggling due to weak demand for iPhones, and Tesla has seen a decline of about 30% since the beginning of the year, constrained by slowing demand for electric vehicles and concerns about increasing competition.Facing the overvaluation of tech stocks, Alexandra Wilson-Elizondo, Co-Chief Investment Officer of Multi-Asset Solutions at Goldman Sachs, said in a phone interview, "We remain positive on the stock market, given the potential pressure on tech stocks for a pullback, the company prefers energy stocks and the Japanese stock market, which currently have lower valuations and greater potential."Wilson-Elizondo mentioned that GSAM is overweighting the Japanese stock market due to Japanese corporate reforms, improved corporate sentiment, and relatively lower valuations.At the same time, GSAM is overweighting energy stocks to hedge against inflation and geopolitical risks. This strategy has performed well so far. In the S&P 500 index, the stock prices of oil and gas companies have risen by 16%, surpassing the 11% increase in tech stocks.Furthermore, Wilson-Elizondo also stated that the US economy is expected to achieve a soft landing, meaning a slowdown in economic growth but avoiding a recession, although there are still many risk factors that could alter this trajectory.GSAM remains cautious about utilities, real estate investment trusts, and small-cap stocks, as these sectors are sensitive to high interest rates. In an environment of rising interest rates, increased debt costs may compress the profit margins of these sectors. Nevertheless, some small-cap stocks remain attractive, especially those with lower valuations that could become acquisition targets for rapidly growing AI companies in the AI field