Goldman Sachs analyst highlights notable tech de-risking ahead of Nvidia earnings

A Goldman Sachs flow expert is flagging something interesting happening beneath the surface of tech markets: the sequencing of de-risking ahead of Nvidia’s upcoming earnings report looks notable, and the positioning data backs that up. US large-cap mutual funds are currently underweight Nvidia by roughly 100 basis points, making it the single largest underweight position among major AI-related stocks tracked by the firm. The underweight club has plenty of members Nvidia isn’t alone in drawing skepticism from fund managers. AMD sits underweight by about 60 basis points, Alphabet by 70 basis points, and Microsoft by 50 basis points. This de-risking trend accelerated during June and July 2026, with market participants reducing both gross and net exposures across tech and AI names. The timing matters because Nvidia’s Q2 FY2027 earnings are approaching, and Goldman views the report as a potentially significant market catalyst. When you have this many large funds sitting underweight the most important AI stock on the planet, the reaction function to earnings becomes asymmetric. Goldman’s own positioning is decidedly more bullish Goldman Sachs’ semiconductor analyst maintains a Buy rating...