Institutional investors are dumping US tech equities: Hedge funds, asset managers, and other institutional investors sold -$21.6 billion of Nasdaq futures during the week ending August 4th, the largest weekly sale on record, according to Goldman Sachs. Short sales dominated the move, accounting for 72% of total sales. Hedge funds sold -$11.9 billion over this period while asset managers sold -$7.4 billion. As a result, combined institutional investor positioning in Nasdaq futures fell to -$5 billion, turning negative for the first time since May 2025. By comparison, this figure was as high as +$54 billion in October 2025. Institutional investors are selling into market strength.(The Kobeissi Letter)