Goldman’s Molavi Says Investors Shouldn’t Fight the AI Trade

A surefire investing rule has always been “don’t fight the Fed.” The same seems true of the powerful artificial intelligence trade in stocks, according to Goldman Sachs Group Inc. macro trader Bobby Molavi.

The Nasdaq 100 has closed at a record high 30 times this year, as big tech stocks ride a resurgent wave of excitement over spending on AI. There is little to be gained from staking money on a view that the rally is overdone, Molavi wrote in a note to clients.