Momentum Pullback, Thesis IntactZero Hedge highlighted a Goldman note yesterday warning that the AI/momentum trade has become “one big trade” (“‘It’s All One Big Trade’: Momentum Euphoria Is Cracking, Here’s How Goldman Is Hedging The Coming Hangover”) The concern is fair enough: TMT (Technology, Media, and Telecommunications) has accounted for most of the S&P 500’s gains this year, semiconductor and AI infrastructure names have carried the tape, and Goldman’s Momentum factor has surged sharply over the last three months. Narrow leadership can make pullbacks violent when positioning gets crowded.But crowded doesn’t mean wrong.The AI Buildout Still Looks IntactSuppliers are still pointing to real demand, not just narrative demand. Micron (MU 0.00%↑) , for example, has projected the high-bandwidth memory market growing from about $35 billion in 2025 to around $100 billion in 2028.Nvidia (NVDA 0.00%↑) reports this week, so we’ll get more clarity soon on current AI infrastructure demand. But for all the market nerves, Nvidia CEO Jensen Huang didn’t look too worried last week while slurping noodles with his fans in Beijing last week.Goldman may be right that the momentum trade needs to cool off. The last couple of sessions may be part of that process.AI-Adjacent Trades Are Still WorkingThere was another useful datapoint on Monday. In a Zero Hedge post last week (“You Are Not Bullish Enough”), we mentioned Leopold Aschenbrenner’s prediction about the scope of AI.⚡️ You Are Not Bullish Enough ⚡️