The Kobeissi Letter says Goldman Sachs data show hedge funds' net exposure to Magnificent 7 stocks has reached 22% of total US exposure. The share rose about 7 percentage points since July, the biggest three-month increase since 2023. Hedge funds' net exposure to US semiconductor stocks reached 12%, just below the 14% peak recorded in June 2026. US semiconductor imports rose $2.4 billion in August to a record $15.4 billion.