Goldman Trading Desk Says AI Agent Revolution Positions S&P 500, Nasdaq for Fresh Breakout

Goldman Sachs One-Delta trading desk head Rich Privorotsky said the S&P 500 and Nasdaq are on the verge of a new breakout driven by AI agents, according to a report published Sept. 24, 2026. Privorotsky argued that cautious sentiment and light positioning — despite unfavorable seasonality, elevated real rates and geopolitical tail risks — themselves constitute upside potential, noting investors are typically underparticipated in such rallies. He identified the accelerating adoption of AI intelligent agents as the key variable, saying the trend will structurally reduce friction between people, technology and capital, producing disinflationary macro effects. Equities, he said, are the most direct way to capture the shift, which he termed the "Inference Economy." Privorotsky cited Taiwan Semiconductor (TSM-US) trading at highs and poised to break out as a signal from the global hardware flagship, and flagged a notable divergence: financials weakening even as tech strengthens.