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On July 20, the prime brokerage business division of Goldman Sachs Group stated that hedge funds have reduced their holdings of US tech stocks at a record pace over the past two months. The team led by Vincent Lin pointed out that hedge funds have been net sellers in the technology sector for six out of the past eight weeks, with their cumulative holdings decreasing by approximately 10%. This marks the largest reduction in holdings in the technology sector since the data was first compiled more than a decade ago. The team reported that, given the persistent volatility and significant declines in the semiconductor, memory chip, and AI infrastructure sectors, the continued large-scale selling since early June indicates that tech investors are significantly cutting their long positions, showing signs of capitulation selling.
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