Hedge funds are buying tech stocks at a rapid pace - Goldman
Global hedge funds are having a notable shift in sentiment towards U.S. technology stocks, actively accumulating positions in the sector at the swiftest pace in two months, according to Goldman Sachs.
The renewed optimism surrounding artificial intelligence (AI) and a positive outlook for major global tech entities prompted hedge funds to increase buying of tech stocks. According to analysts at Goldman Sachs, the week ending January 18 was their most active trading week in the last five months.
Contrastingly, hedge funds maintained net short positions in stock sectors such as health care, utilities, and energy.
Ultimately, hedge funds concluded the week with long positions in tech firms, financial companies, and industrial companies. The selling trend in Chinese stocks persisted for the third consecutive week.
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