PodcastThe MarketsOctober 2, 2026

AI Is Becoming a Stock Picker's Market

Goldman's Callahan says the AI trade has shifted from broad semiconductor beta to a dispersion-driven stock picker's market.

Dispersion replaces beta: Callahan says the AI trade is now a stock picker's market after a "meh" summer where half the top 10 tech names rose and half fell.
Trade broadening up the stack: Focus is shifting from semiconductor/CapEx beta toward infrastructure software, cybersecurity, data infrastructure, and agentic commerce tools.

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Themes, sentiment and reasons are AI-written paraphrases, checked so they never quote an episode. They may contain errors. Not investment advice. Episodes remain the property of their creators.