Hedge funds pulled back from technology stocks at their fastest pace in at least a decade last week, as the sharp selloff in global tech shares prompted investors to reduce exposure to one of the market’s most crowded trades, according to Goldman Sachs’ prime desk, Bloomberg reported.
During the five trading sessions through October 15, hedge funds cut their technology positions by the largest proportion in Goldman’s data going back to 2016. The retreat came as the AI trade lost momentum, with technology stocks bearing the brunt of the broader market selloff.
