"Nobody Really Knows What To Worry About": Goldman's Privorotsky Sees A "Painful Year-End Rally" That Nobody Will Be Able To Chase

Hyperscaler cloud revenue growth just accelerated for a sixth straight quarter. Intel just had its worst day in half a century. And the hedge funds caught in between spent October selling everything with "AI" in the ticker.

So what, exactly, is the market afraid of? According to Goldman's head of EMEA Delta One trading, Rich Privorotsky, that's the whole problem. In his Monday morning note (available to pro subs), Privorotsky lays out the two camps of AI bears, and notices they can't both be right:

The Demand Is Real... So Is The Bill