"Increasingly Uncomfortable Beneath The Surface": Top Goldman Trader Sees A Market That Is 'More Convinced, More Concentrated, And More Levered In AI'

Ending last week up 7 straight days and with 9 straight weeks of gains, the S&P rally continues to look smooth at the index level, but, as top Goldman trader, Lee Coppersmith, warns: increasingly uncomfortable beneath the surface.

The market is now up ~85% since ChatGPT was introduced on November 30, 2022. The move has obviously not been straight up. We have now traded through the March ’23 regional banking crisis, the August ’24 Japan taper tantrum, April ’25’s Liberation Day shock, and this year’s US-Iran War.