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The AI trade is beginning to stall.
That is the read from a senior derivatives trader at Goldman Sachs (GS), who has flagged a meaningful change in market sentiment: investors who were once preoccupied with Federal Reserve policy are drifting into complacency, and the AI trade is losing momentum in that environment.
The concern is less about any single earnings report and more about the psychology holding the broader position together.
What changed in the sentiment picture Goldman's derivatives desk sits close to where market positioning becomes visible.
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