Goldman Sachs data show that technology-focused equity long-short funds lost more than 4% on Thursday alone, wiping out their year-to-date gains and bringing returns close to zero. Yet in June, these funds were still sitting on cumulative gains of 24%. The AI trade has sharply reversed, with money flowing out faster than it flowed in.

It’s not just technology-focused strategies. Global fundamental equity long-short funds fell an average of 1.3% on Thursday, while multi-strategy funds dropped 1.4%. Selling pressure has spread beyond technology to broader portfolios, and several large funds have begun cutting leverage and laying off investment teams.

Whether concentrated position unwinding will amplify volatility is the key thing to watch next. Keep an eye on whether these funds can rebuild their positions if technology stocks rebound; otherwise, forced deleveraging could continue to drive the market lower.

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