'Effectively No Panic At All' But Goldman Flows Guru Sees Investors' Tech Skepticism Shifting Dramatically

August has elicited some strong re-risking, but, as Goldman Sachs flows guru, Lee Coppersmith writes in his latest note (available here for pro subs), not necessarily into the same pockets that led the market before July.

Towards the end of last week, we saw more interest in non-AI trades. Over the past three months, the S&P 500 ex-AI Index (SPXXAI) has returned ~8.4% on just 11 vol. Broad US AI exposure (GSTMTAIP), meanwhile, is flat despite being nearly 4x more volatile.