Goldman Sachs says the AI selloff is a rotation, not a liquidation

Goldman's Rich Privorotsky argues investors are reshuffling AI bets, not abandoning them, as memory chip stocks slide AI stocks just had a rough stretch, and memory chipmakers took the worst of it. Goldman Sachs is telling clients not to read it as a mass exit. Rich Privorotsky, who heads EMEA delta-one at Goldman Sachs, said on October 13, 2026, that the unwind looks like a rotation rather than a liquidation. In his telling, investors are moving money around inside the AI trade, not walking away from it.

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