Goldman Trading Desk Says It's Time to Buy the Dip in AI Stocks [Financial Post (Toronto, Ontario, Canada)]
Goldman Sachs Group, Inc. (The) (GS)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Artificial intelligence-related stocks have taken a beating recently, but with lower interest rates on the way and fundamentals remaining strong, Goldman Sachs Group Inc.'s trading desk thinks it's time to buy the dip. “We expect lower interest rates could support IT projects, economic policy to become less uncertain after the election, and tangible progress with AI products to be presented in upcoming conferences,” Faris Mourad, vice president of Goldman's US custom baskets team, wrote in a note to clients on Thursday. Goldman's Broad AI basket — which includes companies like Nvidia Corp., Microsoft Corp., Apple Inc., Alphabet Inc., Amazon.com Inc., Meta Platforms Inc. and Oracle Corp. is down 11% from its 2024 high reached on July 10. The weakness goes beyond the selloff in Magnificent 7 stocks. Earlier this year, Goldman launched two baskets fo
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