Hedge funds and mutual funds alike cut their holdings in technology companies to their lowest weightings in the past decade, according to Goldman
The Magnificent 7 stocks might have lost their shine with big investors, and that could spell trouble for the bull market that has relied so much on these tech juggernauts. Both hedge funds and mutual funds cut their exposure to information technology stocks and held their lowest weightings to the sector in the past decade, driven by selling in the megacaps, according to Goldman Sachs' analysis of the funds' recent, quarter-end securities filings.
The sales may explain why many of the stock market's largest companies have yet to regain their recent highs, even as the Dow Jones Industrial Average closed at a new all-time high on Monday. Apple , Amazon and Google parent Alphabet are still more than 10% below their respective 52-week highs. Nvidia is trading about 8% below its recent high. A lot is riding on Nvidia's quarterly earnings due to be released on Wednesday after the market closes.
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