Goldman Sachs’ prime brokerage data showed technology leading sector net selling across its global and U.S. client books last week, while U.S. fundamental long-short clients reduced leverage sharply, Bloomberg reported.
For those U.S. clients, gross leverage was 207.5% in the week ended Nov. 6, down 8.7 percentage points. Bloomberg reported that the decline was the largest weekly drop since March 2020. Net leverage finished at 43.3%, a decrease of 3.7 percentage points and its steepest weekly fall since April 2025.
Technology ranked first among sectors for net selling in both Goldman’s global and U.S. prime brokerage data. The sector’s net-selling ratio was roughly in line with the highest readings in Goldman’s records dating to 2016, Bloomberg reported, citing the data.
The figures cover different scopes: the sector ranking spans Goldman’s global and U.S. client positioning, while the leverage readings concern U.S. fundamental long-short clients. They describe Goldman’s data, not hedge funds across the industry.
Bloomberg linked the reassessment of artificial intelligence trades to concern that political opposition after the U.S. midterm elections could slow data-center construction. That is a reported concern about the outlook, not evidence that political developments caused the trading shift.
A separate measure tracks hedge funds’ accumulated net purchases of global AI shares since early 2025. EconoTimes previously reported that later sales erased those net purchases. The measure compares purchases with sales; it does not show how many shares hedge funds still hold overall.
