Hedge Funds Unload Tech Stocks After Going All-In Before Nvidia
- Tech sold at fastest pace in seven months: prime broker data
- ‘Some tension about the sustainability of momentum from here’
The Nvidia headquarters in Santa Clara, California.
Photographer: Philip Pacheco/BloombergThis article is for subscribers only.
Hedge funds piled into tech stocks in the weeks before Nvidia Corp. earnings. Now, they’re cashing out and selling at the fastest pace in seven months.
Professional managers offloaded their positions for four straight sessions last week, including Thursday, the day after Nvidia posted results, according to data from Goldman Sachs Group Inc.’s prime-brokerage unit. The intensity of the selling ranks in the 98th percentile of the past five years.