Premium'CTAs Are Done', Goldman Warns 'Asymmetry Is To The Downside' As Iranian 'Tank Tops' Loom
With the entire global equity market seemingly betting the farm on AI spending (over geopolitical chaos), news overnight that OpenAI is reportedly missing its revenue targets (bringing into question the entire hyperscaler ponzi), Goldman Sachs Delta-One desk-head, Rich Privorotsky, also notes the the move in SoftBank Group (-10%)...adding further to fears over AI spend durability.
Somewhat ironic given how strong conviction had become post Q1 on the scale of capex.