Goldman Sachs International
June 2, 2026
Market Colour and Software Nvidia Positioning
Market ReportEquitiesMacro Economic IndicatorsCommoditiesInformation TechnologyConsumer Staples
A market update detailing historic Software outperformance and Nvidia's AI strategy, alongside rating changes for Ahold Delhaize.
Key Takeaways
- 1.Software experienced its largest 2-day stretch of outperformance against the S&P 500 in over 25 years, driven by record call option volume.
- 2.Nvidia's keynote emphasized aggressive moves into the PC TAM and the adoption of agentic AI to replace traditional computer interaction.
- 3.Ahold Delhaize was downgraded to Neutral due to underappreciated SNAP (food assistance) headwinds in the US.
Table of Contents
- Software
- Nvidia / Keynote takes
- Rebal / Market Structure
- Positioning
- Cross-Asset
- Ahold Delhaize
- BAT
- Schneider Electric
- Barry Callebaut
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Authors
Ioannis Blekos
Securities
NVDAAD.ASBTISUBarry CallebautSPX
Themes
AI Adoption and Market InfluenceMarket Structure and Rebalance Liquidity
Regions
North AmericaEuropeLatin AmericaUnited StatesChinaBrazil