The New AI Trades

129 snips

Feb 17, 2026

Ryan Hammond, a Goldman Sachs portfolio strategist focused on equity strategy and sector rotation, explains how AI is reshaping markets. He breaks down the sharp derating in software, pressure on advertising and consulting, and why recent LLM rollouts triggered fresh repricing. He also discusses capex surges, funding strains, and how earnings will decide whether current sell-offs prove temporary.

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INSIGHT

Rapid Valuation Repricing In Software Stocks

A concentrated group of software stocks fell ~25% YTD and >30% from October highs as valuations derated sharply.
Investors appear to have re-priced growth expectations from ~15–20% to ~5–10% very quickly.

INSIGHT

AI Risk Spreading Beyond Software

Multiple non-software sectors—publishing, advertising, legal, IT consulting—are selling off alongside software names.
The common thread driving these moves is investor concern about AI disruption risk to data-and-services businesses.

INSIGHT

Product Launches Trigger Industry-Specific Repricing

Recent model launches and tools (Genie 3, Claude co-work, insurance quote tools) triggered targeted selling in affected industries.
Investors are starting to test industry-specific AI applications and reassess long-term business sustainability.

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Goldman Sachs Research’s Ryan Hammond explains how AI disruption is creating large sector rotations even as equities continue to move higher.

This episode was recorded on February 11, 2026.

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