Hedge funds sold chip stocks for a fourth week, but not the AI trade
Hedge funds cut their holdings of semiconductor stocks for a fourth straight week, according to Goldman Sachs prime brokerage data, in a run of selling that has made chipmakers and their equipment suppliers the most heavily net-sold corner of the US market.
The move comes as parts of the AI trade wobble, and it will be read by some as the first crack in a rally that has carried names like SK Hynix toward a trillion-dollar valuation. The details, though, argue for something calmer than a top.
The numbers describe a retreat rather than a rout. Goldman’s figures show net selling in the sector across eight consecutive trading days, and semiconductors ranked as the single most net-sold US industry subsector its prime desk tracks over the recent four-week window. That is a clear and sustained shift in behaviour, not a one-day flinch.
What it is not, on closer reading,...
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