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The 10th edition of VivaTech in Paris

The artificial intelligence AI acronym at the 10th edition of the VivaTech technology startups and innovation fair in Paris, France, June 18, 2026. REUTERS/Gonzalo Fuentes Purchase Licensing Rights, opens new tab

LONDON, July 6 (Reuters) - U.S. hedge funds sold tech hardware stocks for a fourth week in a row, according ​to a client note from Goldman Sachs (GS.N), opens new tab on ‌Friday, in line with a recent decline in global chip shares and just before many of these companies will report earnings.

Tech shares ​and especially semiconductors have propelled the broader equity market ​higher this year. But tech stocks have been ⁠swinging dramatically on a combination of profit-taking and concern ​about the high levels of spending on AI and when ​the companies behind those outlays might see returns. The SOX index (SOXX.O), opens new tab, which tracks the performance of semiconductor stocks, declined 4.2% in the week ​to July 3.

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Here's what the Goldman Sachs note said ​about hedge fund trading in that week:

  • Info tech stocks including semiconductor and ‌hardware ⁠companies was the most net sold U.S. stock sector for the fourth week in a row.

  • Hedge funds had more sold stocks than bought for the third straight week.

  • Last week ​hedge funds mostly ​sold single ⁠U.S. stocks

  • Hedge funds sold other stock sectors including industrial and consumer discretionary shares.

  • These investors bought ​index and ETF products, which often rise alongside ​the ⁠wider market.

  • Hedge funds bought commercial services, consumer staples, real estate and energy stocks.

  • Hedge funds might sell stocks to close bets ⁠based ​on an expectation for those shares ​to rise, or as part of a bet on those shares falling in ​value over time.

Reporting by Nell Mackenzie; Editing by Amanda Cooper

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Nell Mackenzie

Thomson Reuters

Nell Mackenzie covers hedge funds, their performance and what their trades tell us about financial markets and money flows in the wider economy. She is also a regular guest on Reuters Morning Bid Podcast. She has written in the past for the BBC, Dow Jones, Risk.net, the Times and Business Insider. Nell has also made long-form feature podcasts for Euromoney.

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