Goldman Sachs
July 9, 2026
GS Basics: Escalation or Negotiation
Daily UpdateCommoditiesEquitiesFXEnergyFinancials
This report details recent de-risking in US equities and TMT sectors while highlighting oil market supply tightness via crack spreads as a critical driver for rates and inflation.
Key Takeaways
- 1.Energy markets are experiencing supply tightness as evidenced by crack spread highs, even as crude prices fluctuate.
- 2.Significant de-risking has occurred in US equities and TMT sectors, though systematic gross exposure remains high.
- 3.The AI hardware sector is viewed as structurally over-earning and cyclical, dependent on capital expenditure behavior by hyperscalers like Meta.
Table of Contents
- Asia
- US
- Oil
- Gross Positioning
- AI Complex
- Fed & US Dollar
- Risk
- Prime Book US Net Trading Flow
- Prime Book: Cumulative US Net Trading Flow
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Securities
SPXMETATSM
Themes
AI Hardware CyclicalityMiddle East Energy Supply RiskPrime Brokerage De-risking
Regions
Asia PacificNorth AmericaMiddle EastUnited StatesJapanSouth Korea