Goldman Sachs Analysis of the Second Half of the Market: Funds Are Leaving the Seven Tech Giants, Semiconductor and Other AI Upstream Sectors Are More Preferred
Goldman Sachs derivatives expert Brian Garret notes investors are broadly underweight the Magnificent Seven, with funds rotating into AI-benefiting semiconductors. The Seven have underperformed, raising concerns over profitability of massive AI spending and institutional selling. Hedging costs in QQQ options are rising, outpacing those of small-caps.....