GOLDMAN SACHS: SPECULATIVE TRADING HITS RECORD HIGH Goldman Sachs reports its Speculative Trading Indicator is at its highest level since the dot-com and pandemic bubbles, driven by heavy trading in unprofitable, penny, and high EV/sales stocks. Trading volumes are high in "Mag 7" names, digital assets, and quantum computing, reflecting rising risk appetite. Call option activity has surged to its highest since 2021, and IPO/SPAC issuance is at a multi-year high, with SPACs raising $9B in Q2. Goldman notes a retail-favorite stock basket is up 50% since April, highlighting a speculative market tone. Historically, such spikes have led to strong S&P 500 returns over 3-12 months but weaker returns over two years, signaling near-term upside but long-term risk.