Goldman: Hedge funds dumped tech stocks at fastest pace in two years

The significance here is less the single-day selling speed than what Goldman's own client desk reads into it: that positioning in AI-linked equities may have been momentum rather than conviction. Hedge funds are the audience that matters, since their crowding into the same theme is what turns a rotation into a disorderly exit. The reference to drawdowns masked by index-level range-bound trading suggests the pain has been concentrated beneath the surface for some time. Whether that unwinding broadens beyond tech is the open question.