The Top 7 Charts From Goldman's Tech Trading Desk

Despite a modest bounce on Friday, it was an ugly week for stocks driven by a meltdown in the AI trade, which led to a 3% drop in the Nasdaq, its biggest weekly pullback since April.

According to Goldman TMT specialist Peter Callahan, explanations for the move have been a combination of starting place & technicals (narrow breadth + valuation as the NDX entered the week >28x fwd P/E), another soggy week of earnings reactions (see PLTR, DASH, LYV, ANET drawdowns), macro uncertainty (consumer sentiment / jobs angst + gov’t shutdown) and a wobble in AI sentiment (see NVDA, ORCL, ANET, MSFT types back at/below pre-Sept levels).