Long gamma looks attractive as momentum becomes the AI trade by another name
The post Long gamma looks attractive as momentum becomes the AI trade by another name appeared on BitcoinEthereumNews.com. Momentum becomes the AI trade by another name To avoid confusion, this is my interpretation of Rich’s note and some of my own takes, not a copy-and-paste. Goldman Sachs one-delta desk head Rich Privorotsky framed the overnight price action as a sharp reversal of this year’s most crowded consensus trades. Markets did not simply sell off. They rotated away from the ideas that had become almost too easy to own. The AI complex stayed under pressure, but the broader market was not nearly as weak beneath the surface. The S&P ex-AI closed higher by roughly 0.5%, while the parts of the market most tied to the AI infrastructure boom were hit again. Memory fell around 6%, opticals lost about 5%, and the broader AI hardware chain remained heavy. That distinction matters. This was not a plain-vanilla equity risk-off session. It was a crowding event. Defensives, bond proxies, a