'Leadership Is Rotating': This Is What Goldman Traders Are Watching Outside Of AI

Following the July sell-off, Goldman Sachs’ Louis Miller, global head of custom equity baskets, emphasizes that nuance now matters more than ever as markets rotate away from indiscriminate AI exposure toward monetization, power scarcity, and selective non-AI opportunities.

The market spent the first half of the summer debating AI leadership, but is no longer paying for AI exposure indiscriminately.

Memory & Data Centers remain as clear earnings-backed dislocations in the market.