Goldman Sachs is observing a historic de-risking by US large-cap mutual funds from major AI-related tech stocks, with an underweight position of approximately 100 basis points on Nvidia, the largest in the sector. This de-risking trend accelerated in June and July, also affecting AMD, Alphabet, and Microsoft. Underweight funds could be forced to buy back these stocks if Nvidia delivers strong results in its upcoming Q2 FY2027 earnings report. Goldman’s semiconductor analyst maintains a Buy rating on Nvidia with a $285 price target. Nvidia announced on August 10 partnerships with Goldman Sachs, Apollo, BlackRock, Blackstone, Brookfield, and KKR to mobilize over $500 billion in third-party capital for AI infrastructure financing.
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