Hedge Funds Cut Tech Stocks at Record Pace as Nasdaq 100 Slides 5.5%

Hedge funds trimmed technology equities at the fastest pace in at least a decade during the five trading sessions ending October 15, 2026, according to Goldman Sachs prime brokerage data. The selling drove hedge fund net leverage down to a one-year low of 48.6%, primarily via long liquidations rather than fresh short positions. Amid the de-risking and broader artificial intelligence unwind, the Nasdaq 100 fell 5.5%, its steepest weekly decline since April 2025. Despite the outflows, technology allocation remains historically elevated, representing 23.5% of Goldman's global prime book, or the 90th percentile over five years.