Goldman Sachs is basically saying tech just came out of one of the weakest stretches in 50 years when you look at relative returns 📉 And that is not some minor footnote, that is a brutal label for a sector everyone treats like it only goes up. The uncomfortable part is how long that story was hiding in plain sight while most people kept leaning into the same winners. Now the question is whether this was just a rare correction inside a bigger trend or a real regime shift that nobody wanted to admit was happening. Because if “tech always leads” is no longer reliable, a lot of portfolios built on that assumption start to look a lot less solid than they felt a year ago.