Goldman Sachs found that hedge funds added to under-the-radar winners across the entire AI universe, particularly players in infrastructure.
Hedge funds have been adding a number of lesser-known beneficiaries from the artificial intelligence boom, while dialing back exposure to megacap tech stocks after a strong rally, according to Goldman Sachs. The Wall Street investment bank analyzed the holdings of 707 hedge funds with $2.7 trillion of gross equity positions at the start of the second quarter.
"Among the various phases of the AI trade, firms exposed to AI infrastructure investment have recently performed best and captured the most interest in our client conversations," Ben Snider, Goldman's equity strategist, said in a note to clients. Because of that outperformance, the proportion of semiconductor stocks in U.S. hedge funds' long portfolios jumped to a record high of 6.5% in the first quarter, Goldman said.
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