Goldman Sachs The Markets

Tech investors are looking beyond AI to explore small caps and non-profitable tech. They discuss the impact of inflation on tech assets and market trends like the equal weighted S&P 500 hitting new highs. The focus is on semiconductors and software, with increased investor interest influenced by market factors like interest rates. Mention of upcoming events such as a semiconductor conference and the Federal Reserve meeting reflecting changing market sentiments.

Exploration of recent record highs in stock indices such as S&P 500 and Nasdaq, along with insights on gold trading. Analysis of market reactions to Fed rate cuts, data trends, and advice for investors focusing on caution in risk assets. Discussion on market discipline, economic data analysis, and advantages of asset-backed deals in a disciplined market.

Exploring the shift from inflation fears to growth shocks as a market driver, with insights on market sensitivity to data and core inflation expectations. Discussion includes strategies for navigating the transition phase, the impact of upcoming US labor market reports, and the influence of global market trends on investor portfolios.

Tech stocks are driving equities to new highs with a focus on artificial intelligence. The episode analyzes market risks, S&P 500 influence, price targets, inflation indicators, and upcoming earnings reports. A call to action is made for listeners to delve deeper into insights on GS.com

Discussion on hedge fund performance in 2023 and potential opportunities in a higher rate environment. Exploration of favored strategies and geographies in the current market. Decrease in China's hedge fund exposure and sentiment of investors. Changing investor base and risk appetite in hedge funds with a decline in pension fund involvement and focus on liability matching strategies.

Ryan Nash, managing director in the Financials Group within Goldman Sachs Research, discusses the resurgence of regional banks in the news due to their exposure to real estate. He addresses the risks associated with commercial and residential properties, spillover risk to the banking industry, and future outlook. Highlights include the positive macro environment, low concern for residential real estate, and need for stock price stabilization.

The podcast discusses the economic impacts of rising geopolitical instability, focusing on the effects on global markets and the global economy. It analyzes the recent drone strike in Jordan, explores market reactions to geopolitical tensions, and discusses the implications of low oil prices. The podcast also expresses concern about rising debt levels and the axis of destabilization formed by Iran, North Korea, and Russia.

The podcast discusses the dominance of tech stocks in driving indices to record highs in 2023. It explores potential factors impacting tech dominance and the global perspective of tech companies. The podcast also delves into the blurring lines between tech and traditional companies. Lastly, it analyzes the importance of cloud growth for major tech companies in earnings week.

The podcast discusses the key takeaways from the World Economic Forum in Davos, including global growth, inflation dynamics, AI optimism, geopolitical tensions, supply chain challenges, the impact of 2024's global election year, and upcoming economic indicators to watch for.

Alexandra Wilson-Elizondo, Co-Chief Investment Officer of Multi-Asset Solutions in Goldman Sachs Asset Management, discusses the implications of the latest US inflation data and its impact on the Federal Reserve's rate cuts. The podcast also explores the key drivers of market volatility, valuations, and previews earnings. Rate cuts may start in the middle of the year with a more balanced approach from the Fed.