Reported 12 months ago
Goldman Sachs released a report on July 2, 2024, stating that global hedge funds sold off TMT (Technology, Media, and Telecommunications) stocks in June at the fastest rate since 2016, with the semiconductor sector being hit the hardest. While hedge funds were rapidly exiting the tech sector, retail investors continued to pour funds into major tech stocks like Nvidia. The report highlighted a significant net selling of US TMT stocks by hedge funds in June, with semiconductors and semiconductor equipment being the most sold categories, followed by software and internet stocks. This selling activity is indicative of asset managers becoming cautious of the high-flying tech stocks, with the trend towards a more conservative approach evident among fund managers.
Source: YAHOO