Goldman One Delta head Rich Privorotsky said AI and momentum trades swung
sharply over the past 48 hours; Goldman’s GSPUMOMO momentum portfolio has fallen
nearly 7%. Goldman Prime data show the move in positions has been much milder:
momentum exposure is close to neutral and recent increases are chiefly in net
exposure rather than gross leverage. That is material after a sizeable July
de‑risking—investors still hold meaningful AI and semiconductors exposure but
remain well below prior position peaks. Semiconductor internal leverage has
already fallen, though residual system leverage could trigger passive de-risking
and forced selling if prices drop quickly. Lower market liquidity in August may
further amplify AI swings; intraday price action looks “fundamental” but may
overstate underlying fundamental change. Watch total leverage, Prime positions
and semiconductor fund flows to judge whether this volatility will broaden into
wider derisking.
