Overview
- Goldman’s data shows the week ending June 25 registered the largest net selling of U.S. information-technology equities since the firm began tracking the series, producing a z-score of -4.0.
- More than half of the selling was concentrated in semiconductor and related hardware stocks, supply-chain names that took the biggest hit to hedge-fund positions.
- Hedge funds cut overall U.S. tech exposure by roughly 10% over two months and sold tech in six of eight weeks, reflecting a rapid and broad de-risking of AI-driven positions.
- The outflows produced $8.5 billion in U.S. equity net exits for the worst week since March and coincided with about a 6% drop in large-cap tech and a roughly 2% slide in the S&P 500, while Goldman flagged early signs of investor capitulation but kept a constructive view on long-term AI infrastructure fundamentals.
- Analysts warn the concentrated, fast selling could spill into related asset classes such as AI-linked altcoins and that upcoming corporate earnings and guidance on AI capital spending will likely determine whether selling stabilizes or continues.