Goldman Sachs: AI Reshaping Market Pricing, Semiconductor Sector Influence Exceeds Oil Prices

Goldman Sachs notes that the influence of the semiconductor sector on the price trends of various assets has exceeded that of oil prices, explaining about 54% of the asset performance divergence over the past three weeks, while oil prices only explained 2%. Investor sentiment is closely tied to tech stocks, with Goldman's risk appetite indicator moving in sync with the performance of large-cap tech stocks. After Anthropic submitted its IPO application, the Nasdaq, S&P 500, NVIDIA, Philadelphia Semiconductor Index, and South Korean stocks all rose.