Goldman: "We Haven't Seen Panic On The Desk, Yet"

It was an "ugly session" the Goldman trading desk writes in its post-mortem note (available here for pro subs), with focus on spillover weakness in the global AI complex following profit taking in Samsung (-9% in Korea) on strong but not strong enough preliminary results (record operating profit, albeit slight revenue miss to buyside bogeys) plus news that DeepSeek will start developing its own AI Chips.

As expected, high-beta momentum traded down -6% with little to no signs of defense in tech. According to Goldman TMT specialist Peter Bartlett, "we've noted fundamental view of the group remains positive (particularly among Tech specialist community), however buying/defense has gotten more "selective" in recent weeks (which came off a feverish pace of buying in May / 1st hour of June).