Is momentum starting to fade? From Goldman's TMT specialist: "a few inbounds have come in re: Momentum arguably not being up as much as one would have expected - e.g. while the directional moves make sense, both “legs” in Tech are seemingly moving slightly less than I (/many?) would have seemingly expected given the pre-market action – e.g. AI / Semi names “only” up 2-4% today (e.g. HDDs, AMD, Optical) vs. Software / Services “only” down 2-4% today (ACN unchd, SAP, WDAY, INFY types down 2-3%) … not clear there is a an obvious ‘take’ from this other than risk appetite still finding its footing in the early days of 2Q earnings (esp amidst lower volumes/liquidity + muted market breadth). "(zerohedge)