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Who suffers from the polarization of technology stocks exacerbated by the AI boom? Goldman Sachs: Hedge funds are selling software stocks

王俊杰2017
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Last week, hedge funds sold a record high in 11 weeks in information technology stocks, with software stocks accounting for over 60% Goldman Sachs stated that the net exposure of hedge funds to software stocks is currently at its lowest level in over five years; ③ Overall, hedge funds are reducing their overall exposure to large technology stocks.
The current wave of artificial intelligence (AI) has driven a group of technology stocks to soar, but at the same time, the market is becoming increasingly concerned that some individual stocks may underperform in the current wave. The latest data from Goldman Sachs shows that hedge funds are selling software stocks.
According to data from Goldman Sachs Group's prime brokerage division as of the week ending May 31, the number of information technology stocks sold by funds during the reporting period reached a record high in 11 weeks, with software stocks accounting for over 60%. According to the bank's report, hedge funds' net exposure to software stocks is currently at its lowest level in over five years.
Jon Caplis, CEO of hedge fund research firm PivotalPath, said, "Many of the fund managers we have discussed have withdrawn from software as a service (SaaS) stocks and turned to investing in artificial intelligence/semiconductor products. This is partly driven by a huge interest in AI processing capabilities and a slowdown in SaaS subscription investment."
Overall, hedge funds are reducing their overall exposure to large technology stocks. But they also bet on companies that will benefit from the expansion of artificial intelligence. According to Goldman Sachs data, semiconductors and semiconductor equipment were the only technology sector to receive net purchases last week.
Although the S&P 500 Information Technology Index has risen by 17% this year, there are significant differences in industry performance. Specifically, the S&P Semiconductor and Semiconductor Equipment Index has risen by 57% this year, while the S&P Software and Services Index has only risen by 2.2%.
Anurag Rana, Senior Technical Analyst at Bloomberg Intelligence, said, "Apart from Microsoft, we do not expect most large software companies to benefit from the AI boom in the short term."
D A. Davidson analysts say that software stocks related to artificial intelligence will experience a "disillusionment trough". The industry is still struggling to cope with the deteriorating macroeconomic environment and geopolitical risks, which have prompted companies to delay their upgrade plans.
Therefore, as Nvidia's sustained "rocket like growth" shows, with no signs of slowing investment in artificial intelligence, hedge funds seem most willing to invest money in chips, at least for now.
Jay Woods, Chief Global Strategist at Freedom Capital Markets, said, "Chip stocks are expected to continue to be the main players in the second half of 2024, as demand remains high and innovation in this field is still rapidly developing. Nvidia will continue to lead, and other companies will follow closely behind."
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