threecardpokervideo| Goldman Sachs data shows hedge funds sweep technology stocks

Gelonghui April 29| Last week, hedge funds did not lose any interest in technology stocksthreecardpokervideoThey bought technology stocks at the fastest rate in more than a year. Data compiled by major Goldman Sachs brokerage firms showed that technology stocks posted their largest net buying since December 2022 last week, driven by an increase in long positions and short covering. Hedge funds became net buyers of technology stocks for the fourth week in a row, despite the S & P 500 information technology index falling for most of April on concerns that the Federal Reserve will keep interest rates high for a longer period of time. Last week, Google parent company Alphabet and Microsoft reported optimistic results, boosting investor optimism about the industry's fundamentals. "The long-term potential of technology is very clear and almost indisputable," said Seema Shah, chief global strategist at Principal Asset Management. "However, because valuations are so high, many investors have been reluctant to increase exposure recently. The recent correction has eased valuations slightly and given investors the opportunity to invest in a strong and long-term theme."