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Tony Pasquariello of Goldman Sachs Group pointed out that as Wall Street experienced its largest sell-off since July, hedge funds dumped tech stocks at the fastest pace in two years last Thursday, severely shaking market confidence in tech stock trades. Pasquariello mentioned in a client report that although the S&P 500 index has maintained a range-bound oscillation (Note: ' oscillation ' is kept as pinyin here due to its specific financial context; alternatively, it can be translated as 'consolidation' or 'fluctuation' based on context) oscillation over the past three months, the market's surface calm has masked a 'continuous performance decline' since late June amid profit-taking in AI-related trades. He stated that hedge funds have been reducing their net and gross equity exposures for several weeks.
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