The week showed strongest demand for semiconductor manufacturers and software companies, while IT services and communications equipment names were sold, signaling selective positioning within tech tied to AI exposure.

Investors focused on AI infrastructure and adoption themes, with chipmakers remaining central due to their roles in data centers and AI model development, and software firms also drawing demand as beneficiaries of broader corporate AI adoption.

Flows included fresh long positions and short-covering in AI infrastructure beneficiaries, notably semiconductor makers and software firms.

North America led tech buying flows, underscoring concentration of large-cap tech and semis central to AI narrative; emerging Asia also showed robust inflows tied to AI infrastructure and supply chains.

Tech buying concentrated in North America and emerging Asia, with Europe largely on the sidelines.

Goldman’s data show hedge funds at their highest overweights in information technology versus the MSCI World Index in years, underscoring AI-linked tech as a core portfolio theme.

Europe stood out as the only major region lacking tech stock inflows during the period, possibly reflecting weaker exposure to global AI leaders and lower investor appetite for European tech.

In the week, Europe was the only major region where hedge funds did not buy technology stocks, suggesting muted AI exposure and interest.

Funds reopened positions that had previously bet on declines and also established new long positions, signaling an overall bullish stance on tech equities.

Some funds closed out or reduced positions benefiting from anticipated declines while expanding long bets expected to rise in value.

Overall, funds re-entered by cutting prior short bets and adding new long positions aimed at gains.

Buying was broad-based across regions except Europe, with North America and emerging Asia delivering the largest dollar inflows.