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Hedge funds that reveled in tech stocks before Nvidia’s last week earnings are cashing out.
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The retreat has triggered net selling of stocks in the tech sector in the last four trading sessions.
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Goldman Sachs said the performance of Magnificent Seven will begin to yield to broader economic indicators.
Nvidia’s blockbuster earnings report last week has been followed by big outflows from the tech sector among hedge funds as they look to take some chips off the table after piling in ahead of the chip maker’s results.
A note to clients from Goldman Sachs’ prime brokerage unit said hedge funds have been selling tech at the fastest pace in seven months after a six-week period of buying before Nvidia reported results last Wednesday.
“After a 6-week buying streak, HFs unloaded Tech stocks at the fastest pace in 7+ months, as the sector was net sold for 4 straight…
