PremiumThe market backdrop has turned more constructive in recent weeks, supported by resilient earnings growth, cleaner factor positioning, and a moderation in geopolitical risk.Against this improved environment, Goldman Sachs global head of equity custom baskets, Louis Miller, sees several high-conviction themes that warrant attention: the growing importance of dispersion within AI and software, the continued recovery in momentum, the standout earnings carry in US refining, and the tactical and structural appeal of European renewables ahead of the US midterms. Momentum continues to track it’s historical analog with remarkably little interruption.