The funding changes of US technology stocks have added another set of more extreme data. Last weekend, I just talked about the net inflow of technology sector funds exceeding $20 billion, which turned into a net outflow of $15 billion in just one week. According to data from Goldman Sachs Prime Book, as of the week ending June 25th, the net trading flow of the US information technology sector has approached -4 standard deviations. The Prime Book mainly reflects the trading behavior of Goldman Sachs prime brokerage clients, many of which are hedge fund and institutional trading accounts. A positive value represents net buying, while a negative value represents net selling. Approaching -4 standard deviations represents a very extreme net sell in the US information technology sector this week. So this week's two data combined, on one hand, technology sector funds have shifted from significant inflows to significant outflows. On one hand, Goldman Sachs Prime Book clients experienced near historical extreme net sales in the information technology sector. So the core of the recent volatility in technology stocks is that funds have started to move out of high position sectors. More importantly, the scale of sales this time has reached its highest level since data began in 2016, even surpassing the week when the Nasdaq fell over 10% in August 2024. The proportion of the seven major US stock companies in the total exposure of US hedge funds has dropped to 14.5%, close to a three-year low. Talking to people means that hedge funds and institutions sold US tech stocks during a period of high public demand. It is unknown whether they will continue to sell, but the July earnings season may be even more important. Bitget is here, VIP! Crypto、 US shares CFD， Global Advantage One Stop Layout