Goldman's Top Tech Trader: The Number Of "This Is Getting Crazy... Right?" Inbounds Has Started To Pick Up

From Peter Callahan, Goldman trader and TMT Sector Specialist

Another week that left little doubt about this bull market run with the NDX logging a 2% weekly gain (best week since mid-Jan), the S&P notching its 15th record high this year and major global indices now ‘breaking out’ (Japan & India new ATHs, Germany up 8 days in a row, etc). For good measure, the NDX is now up >70% since Jan’23, with only one ~10% pullback along the way (Fall’23). Decent little run we are on.

Hat tip to the hardware sector last week with some eye popping moves: PSTG / DELL +37% on the week, NTAP +20%, AMD / WDC / MRVL +15%, STX / NTNX / MU / CIEN +10% (to some degree, perhaps ‘funded’ by AAPL -1.5% on the week?) as the market is showing an increased willingness to explore new areas of A.I. ‘spend’ (e.g. think: smaller A.I. tailwinds on lower multiple stocks = bigger A.I. impacts on higher multiple stocks).