PremiumTop Goldman Trader Warns This Is No Longer A Simple 'Buy All AI' Environment
Top Goldman Sachs trader, Lee Coppersmith, says in his latest note that the bank has recently started to see signs of investors taking their foot slightly off the gas pedal as it relates to the AI trade.
Some of that seems like simple exhaustion after an extraordinary run.
Some reflects growing discomfort around the recent buildup of leverage, concentration, and positioning.
And some is probably the market beginning to recognize there may be underpriced cyclicality outside of AI - particularly if we get a real resolution on the Iran front, lower oil, and some easing in rates pressure.