Goldman Traders' Top Charts: China Chips, Cheaper Robots, & A Stretched US Consumer

Spanning everything from positioning, the US consumer, AI CapEx and earnings, China semis, e-commerce, physical AI, active management, CNY, and oil, the following charts are the most-watched by Goldman's top traders this week...

Software (red) vs Semis (green): positioning unwinds during mid-2026 deleveraging events and a re-emerging debate in software.