Goldman Trading Desk Tech Is Now Sold On The News ... And The Top Charts Of The Week

Goldman Trading Desk: Tech Is Now "Sold On The News"... And The Top Charts Of The Week

BY TYLER DURDEN MONDAY, JUL 27, 2026 - 12:55 AM It was another ugly week for tech. As Goldman's tech specialist Peter Callahan writes in his weekend note to top clients, the Nasdaq was down 160 bps on the week (Semis +1% vs Mag 7 down ~6%) with "fatigue levels palpable by Friday afternoon"; he goes on to note that "at the moment, it just feels hard to string more than 2 "good" days together amidst elevated Factor vol and an elusive ‘wall of worry’ to climb on the AI front re: ROIC at the current scale of investment." In turn, the Nasdaq now sits ~8% below its June highs (surprisingly, the tech index is now only up +11% YTD) as uncertainty has also increased around the macro storyline (US 10yr Yields hit ~4.7%; Oil back at $100/ barrel; and most ominous of all, a full rate hike priced for September), driving some late-week debate around the Goldman trading desk on the topic of earnings ("sell-the-news in AI / Semis") or macro ("yes, FOMC this week") serving as the bigger driver of risk off action (look no further than AAPL’s historic run)... likely both? Another remarkable fact that is hard to believe given all the “bull market” talk in Tech: the Nasdaq is quietly lower 6 of 9 months (albeit, gaining 7% over this period since Oct'25) as the market continues to try and square-the-circle regarding AI’s evolving storyline (Agents vs AGI vs Opensource vs Productization). Understandably, all eyes on FOMC + Big Tech earnings this week.

Turning to more granular takes, Callahan writes that the topical inbounds last week were: ●​ can Semis work if CSPs trade sideways? ●​ fade in NOW post print – anything real? ●​ do TXN or STM get defended down here? ●​ weakness in Consumer names (UBER new 52wk low, DASH down 3wks in a row) ●​ set-ups to next week? (Big Tech + HDDs, RDDT, RBLX) ●​ is sentiment on NVDA inflecting? ●​ updated Security views (CRWD down 8 days in a row & PANW down 5 in a row?) Turning to the week ahead, Goldman's desk read on sentiment into earnings this week: ●​ Most loved: GLW, STX, Visa, TER, FTNT, LRCX, LYV, AMZN, APH .. vs .. ●​ Most debated: CDNS, FFIV, PYPL, KLAC, NXPI, ARM, META, RDDT, AAPL, SPHR, MA, AKAM .. vs ●​ Most out of favor: CSGP, OMC, SWKS, CTSH, MSFT, PTC, QCOM Midterms watch: while the market is occupied with a number of near-term debates (AI, Fed policy, Momentum unwinds, Iran war, etc), reminder that we are now just 100 days away from the US Midterm Election on November 3rd and in past Election cycles, economic policy uncertainty has usually risen in the August ahead of midterm elections and remained elevated in the subsequent few months.