According to Goldman Sachs prime brokerage data, hedge funds cut their technology exposure at the fastest rate in at least ten years between October 10 and October 15, 2026. The selling focused on AI-linked names, with semiconductors taking the biggest hit in dollar terms. The Nasdaq 100 fell 5.5% for the week, marking its worst weekly performance since April 2025. Net leverage among hedge funds dropped to a one-year low of 48.6%, signaling that managers are prioritizing risk control over chasing upside. Despite this historic retreat, technology still represented 23.5% of global prime brokerage exposure, sitting in the 90th percentile of the past five years.
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