A Cushion Or A Mask - Goldman Sees Road-Bumps In The AI Story As The Biggest Micro Risk

The resilience of US equities has been as much about renewed confidence in US megacap tech and the AI theme as the baseline macro story.

The arrival of DeepSeek and worries about Q1 earnings fueled doubts that more recent robust earnings have put to rest, driving a more than 50% rally in US megacap tech stocks from the April lows.