Key Takeaways
- • Hedge funds have reversed all cumulative net buying of global AI stocks made since the start of 2025, according to Goldman Sachs Prime Brokerage data.
- • Hedge funds net-sold global AI stocks over five consecutive trading sessions, erasing nearly two years of net purchases within a single week.
- • On a Wednesday in the reported week, hedge fund sales of global AI stocks ran at the second-fastest pace in a year, outpacing short sales at a 3.5-to-1 ratio.
- • Only comparable selling occurred when Situational Awareness, founded by former OpenAI researcher Leopold Aschenbrenner, collapsed in July after its assets fell from $45B to $10B.
- • Long-term positioning in global AI remains in the 83rd percentile over three years, and Goldman's prime book leverage is still close to five-year extremes.
Summary
Goldman Sachs' Prime Book data shows that hedge funds have fully unwound their cumulative net purchases of global AI stocks made since the beginning of 2025. According to the brokerage, the selling accelerated on a Wednesday, when hedge funds sold global AI stocks at the second-fastest pace in a year, with sales exceeding short sales at a 3.5-to-1 ratio.
The brokerage said hedge funds have net-sold global AI stocks for five consecutive trading sessions, a reversal that erased almost two years of net buying within one week. Goldman's Prime Book data indicates the only comparable episode occurred in July, when Situational Awareness, the hedge fund founded by former OpenAI researcher Leopold Aschenbrenner, collapsed after a market rout and liquidity squeeze in AI-related assets. That fund fell 67%, reducing its assets from $45 billion to $10 billion.
Despite the selling, Goldman noted that long-term positioning in global AI still sits in the 83rd percentile over a three-year period, and prime book leverage remains close to five-year extremes. Related Goldman Sachs prime brokerage notes cited in publisher coverage describe steep weekly losses for global hedge funds and a broader deleveraging tied to AI financing concerns, though the primary report's data is limited to the figures above.
The brokerage said hedge funds have net-sold global AI stocks for five consecutive trading sessions, a reversal that erased almost two years of net buying within one week. Goldman's Prime Book data indicates the only comparable episode occurred in July, when Situational Awareness, the hedge fund founded by former OpenAI researcher Leopold Aschenbrenner, collapsed after a market rout and liquidity squeeze in AI-related assets. That fund fell 67%, reducing its assets from $45 billion to $10 billion.
Despite the selling, Goldman noted that long-term positioning in global AI still sits in the 83rd percentile over a three-year period, and prime book leverage remains close to five-year extremes. Related Goldman Sachs prime brokerage notes cited in publisher coverage describe steep weekly losses for global hedge funds and a broader deleveraging tied to AI financing concerns, though the primary report's data is limited to the figures above.
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