Goldman Sachs
May 24, 2026
Memorial Day Melt-Up
Market ReportEquitiesRates Govt BondsCommoditiesInformation TechnologyEnergy
Goldman Sachs' One-Delta desk anticipates a potential 'Memorial Day melt-up' driven by AI infrastructure scarcity and retail flow, despite cautious sentiment indicators. The report warns that current PMI strength is driven by inventory stocking rather than end-user demand, posing a risk for Q2 growth.
Key Takeaways
- 1.The market is in a period of extreme AI infrastructure constraint, leading to aggressive bidding for beneficiaries.
- 2.Sentiment has turned cautious despite the market rally, with notable drops in AAII and NAAIM surveys.
- 3.US Manufacturing growth is currently driven by inventory building and supply security rather than broad end demand.
Table of Contents
- Iran/Oil
- PMIs
- Bull/Bear
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Authors
Tyler DurdenRich Privorotsky
Securities
AAII Bull-Bear IndexNAAIM Exposure IndexA100 GPURubin / Vera Rubin Architectures
Themes
AI Infrastructure ScarcityInventory-Led Growth CycleContrarian Sentiment Support
Regions
North AmericaAsia PacificEuropeUnited StatesJapanIran