Dario Dumps On Hedgies After Near-Record Tech Buying But Goldman Flows Guru Fears Tehran & Treasuries

Dario Amodei's weekend call to slow frontier-model development landed just as hedge funds had piled back into the AI trade. As Goldman Sachs flows guru, Lee Coppersmith, points out in his latest note (available here in full for pro subs), the renewed AI vol strikes just as investors had started leaning back into the trade overall: Goldman's Prime Book shows hedge funds have bought US TMT in 10 of the last 11 sessions (led by Semis & Semi Equip), with the 2-week pace of long buying in the 97th percentile of the last five years.