"We're All Rudderless": Goldman's Trading Floor Maps The AI Unwind, Either "Cut CapEx, Delay, Or Dilute"

For two years, the bull case for AI boiled down to one question: is the demand real?

On Thursday, the market answered "yes"... and sold anyway. Meta beat on ads. Western Digital (WDC) delivered a roughly 20% EPS guidance beat and raise, and the stock still reversed from +4% to -8%. Bloom Energy (BE) slid overnight "over cash conversion despite a blowout quarter." And AI stocks had their worst day relative to the rest of the S&P since DeepSeek Monday, per Goldman's Guillaume Soria (chart source GS FICC & Equities, Bloomberg):

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