What To Buy If Not AI? Top Goldman Trader Finds 'Scarcity' Elsewhere

While concerns about factor risk are rising (puts on AI, calls on low momentum/consumer, Pfizer vaccine 2.0 narratives), Goldman Sachs global head of custom equity baskets, Louis Miller, believes that generally speaking, the secular over cyclical dynamics embedded into indices will hold over the course of the year, and equally retail euphoria will be difficult to contain near-term.

The reality is the earnings momentum is in AI.

AI picks and shovels.