Goldman Tech Trader Responds To Clients Stunned By Record Semiconductor Move

For much of the past two months, the defining trade in the stock market - besides the ongoing war in Iran of course - was the seemingly endless meltup of semiconductor stocks coupled with a relentless thrashing of Software names on AI disruption fears. Indeed, just two weeks ago we observed the biggest 2 day drop on record in the Software vs Semis basket. 

Software bounce is dead
Biggest 2-day drop on record for Software vs Semis. After yesterday's record 8.4% plunge, the slide extends another 5% pic.twitter.com/WGTgQ2jsvJ

— zerohedge (@zerohedge) April 9, 2026