Hedge funds are shedding mega-cap tech and buying up other AI beneficiaries, says Goldman Sachs.
Funds cut positions in Google, Amazon, Microsoft, Meta, and Nvidia for lesser-known AI plays.
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At the start of the second quarter, hedge funds were still clutching onto most of the blue-chip Magnificent Seven.
Besides Tesla, all the stocks remained high on Goldman Sachs' Very Important Positions (VIP) list of top hedge fund holdings, according to a May 21 note.
Persons:
Goldman Sachs, —, hasn't, it's, Tesla
Organizations:
Google, Microsoft, Meta, Nvidia, Service, Business
Locations:
Goldman's