Goldman's Tech Trader Lists The 3 Things Behind The Sudden AI Implosion

It was uphill fun pretty much constantly since April, but then in the past two weeks, the market has clearly gotten harder, and as Goldman TMT specialist Peter Bartlett writes in a note (available to pro subs), is set to post its second -2% session in 3 days, with under-the-hood price action feeling increasingly unsettling.

Bartlett thinks the increased chop is being caused by three facts: 

1. Uptick in AI skepticism, exacerbated by the recent OpenAI discourse around a "federal bail out" of AI infrastructure spend