Goldman's Pasquariello calls the US rally 'basically one trade': AI
10/11/2026 — 10/11, 11:19·1 sources (all)·1 reports (all)
Key takeaways
- Goldman Sachs' head of hedge fund coverage, Tony Pasquariello, told clients in a note that the US equity rally is 'basically one trade' — ar…
Background & analysis
In a client report released on October 11, 2026, Tony Pasquariello, head of hedge fund coverage at Goldman Sachs, stated that the current U.S. stock market rally is essentially driven by just one massive trade: artificial intelligence. While maintaining a generally bullish stance on U.S. stocks, his tone has turned noticeably cautious. Goldman Sachs data shows that about one-sixth of the S&P 500 components have pulled back by over 50% from their respective peaks, even as the index itself sits just a step away from historic highs. The firm noted that this fractured market structure has sparked deep concerns regarding concentration risk, accompanied by rising interest rates, deteriorating market breadth, and extreme positioning in the AI sector.
AI-generated from 1 reports · updated 2 hours ago
Latest turnGoldman Sachs' head of hedge fund coverage Tony Pasquariello told clients the current US equity rally is "basically just one big trade" — artificial intelligence — keeping his bullish stance but sounding noticeably more cautious. Goldman data also shows roughly one-sixth of S&P 500 constituents have fallen more than 50% from their highs while the index sits just below a record.
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Goldman Sachs' head of hedge fund coverage Tony Pasquariello told clients the current US equity rally is "basically just one big trade" — artificial intelligence — keeping his bullish stance but sounding noticeably more cautious. Goldman data also shows roughly one-sixth of S&P 500 constituents have fallen more than 50% from their highs while the index sits just below a record.
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