Q2 2026 13F filings covering 6,371 institutional investors reveal a measured retreat from the stocks that drove the last bull run. Among the Magnificent Seven megacap tech names, 44% of institutions trimmed positions while only 42% increased or initiated new stakes. The semiconductor sector stands out with 48% net buyers, while software shows a slight seller bias with 28.2% net sellers versus 26.3% net buyers. AI remains a popular theme but institutions favor infrastructure plays like CoreWeave and Arista Networks over application-layer stocks. Tiger Global Management reduced its positions in several key tech names as well as Taiwan Semiconductor.
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