Goldman Sachs strategist Robert Quinn noted in his latest report that a technological breakthrough by ChangXin Memory Technologies (CXMT) triggered a sell-off in AI memory trades, with Goldman Sachs' memory and AI semiconductor baskets falling 9.3% and 6.7%, respectively, between October 5 and 12. Using positioning data, the report reconstructed the structure of this sell-off: speculative "fast money" had pushed Nasdaq futures long positions to a one-year high at the market's peak before stopping out; meanwhile, the roughly $70 billion worth of long positions held by asset managers' "slow money" has shown no signs of unwinding so far, and Goldman Sachs believes this massive position could be the market's next potential source of selling pressure. Tesla CEO Elon Musk had previously posted comments that heightened market concerns over whether memory chipmakers' excess profits can be sustained.