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Hedge funds are rapidly dialing back their exposure to U.S. technology stocks, marking the most aggressive pullback in over a decade, according to market commentary from The Kobeissi Letter.
Largest Two-Week Reduction in Years
In a Sunday post on X, the letter stated that hedge funds have recorded their biggest two-week reduction in U.S. information technology exposure in the past 10 years, excluding the extraordinary volatility seen during the meme stock frenzy in early 2021.
The letter said the shift was “driven by long sales outpacing short covers at a ratio of 1.5 to 1.” It marked the move as profit-taking, with funds “cashing-in massive profits in tech.”
Sell-Off Mirrors Michael Burry Move
The trend aligns with …
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