Goldman Sachs data shows that hedge funds are reducing their holdings in technology stocks, and the semiconductor sector is experiencing severe selling

According to data from Goldman Sachs' main brokerage business, as of last Thursday's five trading days, the net sales of hedge fund technology sector accounted for the highest proportion of holdings since 2016. The semiconductor and semiconductor equipment sector contributed 57% of the net selling amount of US technology stocks. Last week, the Nasdaq 100 index fell 5.5%, and the Philadelphia Semiconductor Index fell about 11.4%. After the reduction, technology stocks accounted for 23.5% of Goldman Sachs' net allocation in global prime brokerage books. From October 12th to 16th, leveraged stock ETFs had a net inflow of $9.5 billion, setting a weekly record, with SOXL inflows of approximately $7 billion. (Source: Golden Ten Data)