Goldman Sachs Partner Says Markets Show ‘All Greed, No Fear’ Amid AI-Driven Fixation

Goldman Sachs partner Mark Wilson warned Monday that financial markets are in an “all greed, no fear” extreme, with investors now checking SK Hynix’s stock price before geopolitical headlines. The shift reflects a massive rotation into AI computing and semiconductors, while traditional risk factors are overlooked. Options market put/call ratios have hit historic extremes and leveraged single-stock ETF assets — heavily concentrated in memory chips — have surged. The S&P 500 has gained about 10% year-to-date and EPS estimates have risen 15%, yet excluding AI infrastructure and energy, earnings expectations have barely moved. Wilson cautioned that new Federal Reserve Chair Kevin Warsh’s first year historically brings 10%–36% corrections, and EPS growth is expected to peak after summer. A prospective Middle East ceasefire could unwind the AI-plus-energy “barbell” trade, easing financial conditions and shifting capital toward neglected European and emerging markets.