Goldman sees AI hardware stocks hit by forced selling as HBM valuations may reset higher

firstadopter · x · 2026-07-29

• Goldman says this month’s forced selling created a major dislocation in AI-related stocks, especially after a wave of deleveraging.
• The author argues that investors with longer-duration capital can find attractive entries now, because AI fundamentals should improve sharply over the next 6–9 months.
• HBM memory names are singled out as looking likely to become expensive-looking, or “silly,” relative to fundamentals over the coming year.
• The attached screenshot adds context: the note describes Asian markets under pressure, heavy hedge-fund de-grossing, and one of the biggest two-day waves of tech long selling since January 2021, with Korea and Taiwan hit hardest.

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