Goldman Sachs data shows that hedge funds bought a large number of US technology stocks in the week of July 24-30, with inflows reaching their largest level since December 2022. This was also the third largest weekly buying volume in at least five years. While short covering played a role, the main driver was long-term buying.
Software, semiconductor, and semiconductor equipment-related stocks saw the strongest demand, followed by companies in the technology hardware sector. Furthermore, hedge funds were net buyers of the seven largest US stock exchanges for four consecutive days, a trend that continued until last Thursday.
