Recurring series

Flow and Positioning Observations

Finvaulta tracks 6 editions of Flow and Positioning Observations from Goldman Sachs, published between June 10, 2026 and July 7, 2026. Each edition is summarized on its own page.

Latest edition · July 7, 2026

GS flow and positioning observations

This report analyzes current market positioning, highlighting risks in AI hardware due to extreme leverage and a potential pivot toward hyperscalers. It also touches on geopolitical risks in energy and macroeconomic conditions in Japan and the UK.

The report highlights a rotation within AI-related themes, noting that while hardware faces supply-side constraints and concentrated positioning, hyperscalers remain preferred as owners of core infrastructure. EMEA head Richard Privorotsky emphasizes the importance of data sovereignty and selective AI exposure, while US sales trading data shows a relief rally in tech and strong performance in momentum stocks despite light volumes.

Read the latest edition in full

Key takeaways from the latest edition

1.AI hardware is experiencing extreme leverage and supply-side constraints, suggesting a potential rotation away from mining/industrial AI proxies.
2.Hyperscalers are preferred over neo-clouds due to their ownership of underlying infrastructure, software, and distribution channels.

What this series covers

GS flow and positioning observations
Richard Privorotsky – EMEA head 1D trading
AI Hardware/Bottlenecks
Data Sovereignty
AI Winners/Hyperscalers
Healthcare
Technicals
Ariana Contessa – US sales trading

Edition archive

Series at a glance

Editions tracked: 6
First edition: June 10, 2026
Latest edition: July 7, 2026

All Goldman Sachs research

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