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The AI long trade, which has persisted for nearly two years, is experiencing a sharp reversal. Data from Goldman Sachs Prime Brokerage shows that from October 8 to 14, hedge funds net sold global AI stocks for five consecutive trading days, completely erasing the cumulative net purchases made since the beginning of 2025 within a week. As of the latest update, the combined market capitalization of the world's top 20 AI and semiconductor stocks has evaporated by over $1 trillion. This sell-off has spread from the AI sector to global markets, with South Korean stocks entering bear market territory and the Seoul market triggering circuit breakers. More alarmingly, hedge funds' overall leverage remains high, and whether the concentrated unwinding of AI trades will trigger a new wave of deleveraging has become a focal point of market attention.
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