Goldman Sachs derivatives trader Shawn Tuteja released his latest research report, warning that the AI sector has gone from "unloved" five weeks ago to "the most crowded trade ever." He pointed out that Mag 7 net exposure has risen to the highest level ever in Goldman Sachs' database (dating back to early 2022), accounting for approximately 22% of total US equity exposure, while semiconductor exposure has also doubled to 12%. Tuteja stated that the original logic for buying AI—"low valuations, low positioning"—has largely disappeared, and it is now a bullish bet that requires sustained fundamental delivery. Goldman Sachs advises clients to shift their chips from the already sought-after AI leaders to lagging sectors represented by SPXXAI (S&P 500 index excluding AI stocks), while considering AI power infrastructure as one of the few exceptions that still has logical support.