Hedge Funds Trim Big Tech Exposure in Hunt for Other AI Winners
- Goldman Sachs says funds boost allocation to utilities in 1Q
- Still, tech behemoths except Tesla are among biggest long bets
This article is for subscribers only.
Hedge funds have cut holdings in megacap technology stocks while betting on a broader array of firms that will benefit from artificial intelligence, according to Goldman Sachs Group Inc. strategists.
Funds trimmed net positions in Nvidia Corp., Google parent Alphabet Inc., Amazon.com Inc., Microsoft Corp. and Facebook owner Meta Platforms Inc. in the first quarter, although they added to Apple Inc., strategist Ben Snider wrote in a note dated May 21.