GS TMT Today

Global markets are pulling back amid geopolitical escalation between the US and Iran. Simultaneously, the tech sector is seeing a massive rotation out of AI-heavy momentum trades, with high-beta factor baskets down over 20%.

Key Takeaways

• 1.Global markets are retreating as geopolitical tensions rise following new US strikes on Iran and the collapse of a peace deal.
• 2.The 'High Beta Momentum' factor has entered a significant drawdown, falling over 20% in 5 days, indicating an accelerated rotation out of AI-related momentum trades.
• 3.Apple has expanded its component manufacturing deal with Broadcom to over $30 billion, while simultaneously testing China-made memory chips from CXMT.

Table of Contents

• TMT NEWS
• MACRO
• TRADING
• Sector/Basket Performance
• GS TMT BASKETS MONITOR
• RESEARCH
• STREET ACTIONS
• EVENTS

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