Last week's tech selloff now has a clearer answer to the question of who was doing the selling.
Last week's tech selloff now has a clearer answer to the question of who was doing the selling. Goldman Sachs prime brokerage data going back to 2016 shows hedge funds sold global technology stocks at one of the fastest paces on record, roughly matching the series high.
Tech was the most heavily net-sold sector both globally and in the US. The move also triggered the biggest wave of single-stock net selling in four months, per Goldman's data as of Nov 6. Bloomberg reports the reassessment was driven by concern that political opposition could derail data-center construction.
That context changes how I read last week. The Nasdaq fell 5.52% Thursday, its worst one-day drop in 19 months, then rose 1.1% Friday after a payrolls gain of 165,000 and 4.1% unemployment. It was tempting to see that bounce as the market finding its footing. This data doesn't tell us who bought Friday. It does show the funds weren't moving in one direction: some were buying back index and ETF positions even as single-stock selling ran hot.
The single-stock detail is the part I'd pay closest attention to. Funds were going after individual names while rebuilding broad exposure, which points to conviction about specific companies rather than a blanket exit from the sector. The open question for me is which AI names they come back for, and which they leave behind.
Source:
Bloomberg: https://www.bloomberg.com/news/articles/2026-11-09/hedge-funds-dump-tech-stocks-at-one-of-fastest-paces-on-record
Not financial advice. For informational and educational purposes only.
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