Goldman Sachs Group's Tony Pasquariello said that at a time when Wall Street was experiencing the biggest sell-off since July, hedge funds sold technology stocks at the fastest speed in two years last Thursday, causing the market's belief in this deal to be seriously questioned. Pasquariello, head of Goldman Sachs's hedge fund client business, wrote in a report to clients that although the S&P 500 index has been fluctuating in the range for three months, the apparent calm has overshadowed the “continuous decline in performance” since the end of June as AI trading rebounded. He said hedge funds have been cutting net and total exposure to stocks for several weeks. “Are we already seeing surrender sell-offs? “I can't make an accurate judgment, but based on the various aspects of my business network and communication with customers, I feel that the market is already a bit strained,” Pasquariello wrote about last Thursday's deal. The Nasdaq 100 index fell 2.9% on the same day. Tech stocks rebounded on Monday, and the index rose 1%. Pasquariello said in a report dated October 23 that the pressure that triggered the sell-off came in part from positions and fundamentals. He said that after experiencing strong performance in the first half of the year, investors have taken a heavy position on the artificial intelligence theme, but since then, the market has “joined forces to severely disrupt consensus positions.”

Goldman Sachs Group's Tony Pasquariello said that at a time when Wall Street was experiencing the biggest sell-off since July, hedge funds sold technology stocks at the fastest speed in two years last Thursday, causing the market's belief in this deal to be seriously questioned. Pasquariello, head of Goldman Sachs's hedge fund client business, wrote in a report to clients that although the S&P 500 index has been fluctuating in the range for three months, the apparent calm has overshadowed the “continuous decline in performance” since the end of June as AI trading rebounded. He said hedge funds have been cutting net and total exposure to stocks for several weeks. “Are we already seeing surrender sell-offs? “I can't make an accurate judgment, but based on the various aspects of my business network and communication with customers, I feel that the market is already a bit strained,” Pasquariello wrote about last Thursday's deal. The Nasdaq 100 index fell 2.9% on the same day. Tech stocks rebounded on Monday, and the index rose 1%. Pasquariello said in a report dated October 23 that the pressure that triggered the sell-off came in part from positions and fundamentals. He said that after experiencing strong performance in the first half of the year, investors have taken a heavy position on the artificial intelligence theme, but since then, the market has “joined forces to severely disrupt consensus positions.”