Goldman Sachs prime brokerage data shows hedge funds have sold semiconductor stocks for four consecutive weeks, making chipmakers the most net-sold US sector. Despite the sustained selling, the move appears to be profit-taking rather than an exit from the AI trade — net exposure to semiconductors still sits at the 98th percentile of the past five years. Goldman analysts see no regime shift, with broader AI positioning remaining near record highs. The selling reflects risk management amid higher inflation and rising bond yields, with money rotating toward other AI beneficiaries like power, cooling, and software companies rather than leaving the theme entirely.
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