Deleveraging Extends

its chance, of the story’s futures

−1.9%on the S&P 500, if it happens

Hedge funds keep cutting gross and net exposure to crowded AI and megacap technology trades. Selling remains concentrated in semiconductors, AI infrastructure and high-multiple software, with broader risk appetite weaker but not disorderly.

What it moves

Technology−3.2%
Telecommunications−1.4%
Riskier companies' borrowing costs▲ up
Market volatility▲ up

Sectors in percent; other series by direction only.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.

Deleveraging Extends

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