Hedge funds tracked by Goldman Sachs cut their exposure to technology stocks at the fastest pace since the bank began compiling the data in 2016. The move accompanied a weekly decline of 5.5% in the Nasdaq 100 amid concerns about high valuations and the financing requirements of artificial intelligence infrastructure. Semiconductors recorded the largest dollar losses, while technology still accounted for 23.5% of the funds’ global net allocation. Concerns surrounding CoreWeave, whose shares lost about 15% on October 14 and whose some bond yields reached or exceeded 15%, illustrate heightened scrutiny of returns on AI-related investments.
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