Goldman sees big tech stocks turning attractive amid chip volatility, 'you want to diversify toward hyperscalers'

Goldman Sachs strategist Christian Mueller-Glissmann suggested investors diversify from volatile semiconductor stocks toward hyperscalers such as Amazon, Oracle, Microsoft, Alphabet and Meta within the AI trade. The Philadelphia Semiconductor Index has surged around 150 percent in the past year, but chipmakers remain the most volatile segment of the AI capital expenditure spectrum. Goldman also flagged rising risk appetite driven by AI capex and geopolitical easing, creating a Goldilocks setup, though elevated bullish positioning raises the risk of corrections.