Goldman Sachs flags correction risk as AI 2026 capex tops 725B and leveraged AI ETFs rise

Wall Street positioning in AI and semiconductor stocks is near crowded, overbought levels, with Goldman Sachs strategist Shawn Tuteja warning markets may be underestimating the risk of sharp corrections. AI hyperscalers lifted 2026 capital spending plans by more than 200B to over 725B total, while high leverage in AI focused ETFs could amplify selling if prices reverse.