- Net selling of tech in June on track to be worst on record
- Prime brokerage desk sees growing signs of equity degrossing
In a month when Nvidia Corp. briefly became the world’s largest company, hedge funds were “aggressively” selling tech stocks, according to analysis from Goldman Sachs Group Inc.
This month’s net selling in the US tech sector is on track to be the largest on record going back in data since 2017, according to Goldman’s prime brokerage data. Semiconductor and semiconductor equipment stocks were the ones offloaded the most by hedge funds, followed by software and internet stocks.
Nvidia shares have been choppy after losing $430 billion in market value late last week. And, June has been a volatile month for Big Tech stocks after the meteoric rise of Nvidia, Microsoft Corp., Amazon.com Inc., Meta Platforms Inc., Apple Inc. accounted for well over half of the 15% advance in the S&P 500 this year.
