Before Nvidia's financial report, selling had already spread from semiconductor ETFs to hedge funds As I just wrote earlier, before Nvidia's financial report, major semiconductor ETFs in the United States had a total net outflow of approximately $6.3 billion over the past three weeks. Compared to the continuous inflow from December last year to July this year, semiconductor trading has begun to show a significant cooling trend. Now the data from Goldman Sachs Prime Book provides another perspective. Over the past 20 trading days, Goldman Sachs Prime Brokerage clients have remained net buyers of overall US stocks, with technology stocks also having a net buy of approximately 0.7 standard deviations. But in the past five trading days, the direction has suddenly reversed. The overall selling of US stocks has approached -2 standard deviations from the past year, and technology stocks have also shifted from net buying to net selling of approximately -1.2 standard deviations. The Prime Book mainly reflects the trading behavior of hedge funds and large institutions, so this is not the same batch of money as the semiconductor ETF fund flow we saw earlier. Previously, ETF funds began to withdraw from semiconductors, and now hedge funds are also reducing their holdings in technology stocks. And this time the selling was not only focused on technology. Industry, healthcare, real estate, and finance have all been selling in the past 5 days, and overall US stocks have shown a significant risk contraction, with only a few sectors such as energy still receiving funds to buy. So the market environment that Nvidia is facing in this financial report is different from the past few times. Previously, many funds continued to invest in AI and semiconductors before the financial report, betting that Nvidia would once again exceed expectations. Now that the financial report has not been released, ETFs have continued to flow out, and hedge funds have started selling technology again, indicating that some funds are reducing risks ahead of schedule. The biggest impact is whether investors are willing to buy back their money after the financial report is released. In the past, as long as Nvidia's revenue exceeded expectations and continued to grow in the next quarter, the market was often willing to continue buying. But now many funds have already left early, and people's requirements for Nvidia will naturally be higher. Simply doing better than expected may already be difficult to meet the market demand. So if Nvidia continues to show strong growth this time, there is still a chance for the money that was previously withdrawn to come back. But if growth starts to slow down, or if the data for the next quarter is not as good as everyone imagines, the impact can easily spread from Nvidia to the entire semiconductor and AI sectors. @Gate Crypto、 US stocks, Hong Kong stocks, South Korean stocks, gold CFD、 Predicting one-stop trading in the market