Goldman’s Pasquariello says the tech sell-off raises doubts about AI stocks
According to Goldman Sachs strategist Tony Pasquariello, hedge funds executed their fastest pace of tech stock sales in two years during a recent market rout that saw the Nasdaq 100 decline 2.9%. While analyst expectations remain bullish on the tech sector's long-term prospects, Pasquariello suggests the market momentum may moderate with less momentum as major cloud and AI-focused companies report earnings.
Key points
- Fastest tech stock sell-off by hedge funds in two years
- Nasdaq 100 fell 2.9% on the day
- Bull case remains but with reduced momentum
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