PremiumRecord Highs, Record Angst: Goldman Tech Desk Finds Median Stock 16% Underwater As Breadth Craters To Dot Com Lows
The Nasdaq 100 is up in 7 of the last 8 sessions and printing fresh all-time highs, AI names are back to "we're back" vibes, and yet if you ask Goldman's TMT specialist Peter Callahan how investors actually feel, the answer is... not great.
In his latest weekend "10 Things" note (available to pro sub), the Goldman tech trader describes the mood as "reserved optimism ... with a heavy dose of angst and fatigue," pointing out that Goldman's sentiment indicator sits "firmly in negative territory" even as the index grinds higher. The reason: this is a rally carried by an ever-shrinking cast. As Callahan puts it, "while AI strength has kept the headline S&P 500 relatively resilient, the median stock in the index trades 16% below its 52-week high, dragging market breadth to its lowest level since the Dot-Com Bubble."