Hedge funds dump global tech stocks at near-record pace on AI trade rethink

The speed of the exit matters more than the direction: positioning had grown crowded enough that a single political variable — data-center construction risk — could force a fast unwind, and the concentration in single names suggests funds were cutting core AI exposure rather than trimming broadly. This is a de-risking signal for the AI infrastructure narrative, with read-through to the power, land and hardware suppliers that sit downstream of hyperscaler capex. Whether the selling broadens into a sustained rotation or proves a one-week flush is the open question; the political status of data-center projects is now a live input into tech positioning.