Top Goldman Tech Trader Says AI Stocks' "Tactical Breather" Not Start Of Broader Correction

Taking a breather...

Top Goldman Sachs' tech trader, Peter Callahan, highlights their flagship AI basket is lagging the S&P500 by ~400 bps month to date with a handful of explanations:

1. Starting place, 

2. Ongoing ‘incremental’ debate re: LLMs, ROIC / adoption debates (again), 

3. Supportive macro for cyclicals.