PremiumAuthored by Bobby Molavi, Goldman Sachs Partner and macro trader,DigestionA market up over 50% since liberation day....a market that is narrow and concentrated….a market that now sees semis account for 19% of US market cap…..a market increasingly correlated to one factor (momentum)….a market with a growing reliance on one theme (Ai)….and within that theme, a growing dependence on a traditionally cyclical memory cycle. But this time might be different……