Chip Stocks Lose Shine as Hedge Funds Snap Up Software Instead
- Goldman prime brokerage data show reversal in chips, software
- Semiconductor stocks were most net sold tech subsector
The software gauge recently neared a relative strength index reading that would have indicated a rebound was imminent.
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Hedge funds made an about-face last week dumping semiconductor stocks — beneficiaries of the artificial intelligence boom — while snatching up software.
Fund managers net sold US technology stocks for the third straight week, according to Goldman Sachs Group Inc.’s prime brokerage desk. Within tech, semiconductors and semiconductor equipment stocks were the most notionally net sold for the week ended June 7, while software names were the most net bought. That’s a reversal from the prior week’s trading strategy.