Squeeze-&-Chase, Not Rotation: Goldman Spots One Major Investor Class Conspicuously Absent From Nasdaq Record Highs

The Nasdaq is at a record. Finding the investor who actually wants to own it at these levels is harder. This week saw the Nasdaq 100 close at another all-time high, capping a week in which the index rose 2.9% from September 29 through October 6. That beat the S&P (+1.9%) and left the Russell 2000 (+0.8%) in the dust. Over the same span, Nasdaq futures aggregate open interest rose by a net $8.9 billion.

Rising price plus rising open interest is the textbook signature of new longs piling in.

The Breakdown: AI Did The Lifting, Futures Piled In