[Morgan Stanley Recaps US Stock Market Crash: Leveraged ETFs Sell $57 Billion, Retail Selling in the First 90 Minutes After Opening Was the Second Largest Since 2016] According to Jinse Finance, on November 8th, Morgan Stanley's derivatives team reported that on November 5th, the net leverage ratio of US long-short hedge funds fell by 5% in a single day, the fifth largest single-day drop since 2010, currently in the lowest 10% range historically for this period. Since June, the total exposure reduction from active trading by long-short funds is equivalent to 10.7% of the total market value of total holdings at the end of June, the largest reduction in at least 10 years. Hedge funds are currently underweight AI stocks relative to market capitalization, but AI stocks still account for 32% of their absolute exposure. These AI stocks are defined by the MSXXAI index constituents, covering companies benefiting from AI technology, AI-related power companies, and major hyperscale cloud vendors. On that day, the scale of leveraged ETF selling reached the highest since data became available in 2007, resulting in a $57 billion supply of US stocks sold. According to Morgan Stanley QDS estimates based on publicly available data, retail investor selling of US stocks in the first 90 minutes after the market opened was the second largest since 2016. The account also noted that stock trading correlations are beginning to rise, which typically indicates that risk-reduction behavior is spreading more broadly.