Hedge funds have engaged in record net dollar selling of tech stocks in June, according to a Goldman Sachs report. The selling was led by the Semiconductors and Semiconductor Equipment sector, marking the largest net selling in U.S. TMT stocks on record. This trend follows a significant drawdown in AI giant NVIDIA (NASDAQ: NVDA), which saw its market cap plummet by $430 billion over three days before partially recovering.
Hedge fund exposure to momentum stocks also decreased for the first time in six months. Recent selling included major players like Broadcom (NASDAQ: AVGO), highlighting a shift in hedge fund strategies.
