Will 'Rampart' Wreck The Hyperscaler 'To The Moon' Narrative? Goldman 1-Delta Desk Deep-Dives

Despite meaningful equity selling expectations from global pensions funds into month-/quarter-end rebalancing, markets (most notably Nasdaq) are solidly higher this morning, extending yesterday's gains.

As Goldman Sachs One-Delta desk-head, Rich Privorotsky, noted this morning, charts suggest that the S&P ex-AI had gotten pretty stretched (especially ex-AI small-caps), while the mega cap names had materially underperformed as the funding leg unwound. 

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