Hedge funds' net exposure to the "Magnificent 7" tech stocks has surged to a record high of 22%, surpassing the previous peak of 21% set in June 2024. This represents a 7 percentage point increase since July and marks the largest quarterly accumulation since 2023, up significantly from the 8% level seen during the 2022 bear market bottom. While this record positioning signals strong institutional confidence, it also indicates crowded trades that heighten the risk of a sharp market pullback. A shift in investment logic could trigger large-scale unwinding, potentially impacting S&P 500 perpetual futures and pressuring Bitcoin through declining risk appetite. Meanwhile, hedge fund exposure to the semiconductor sector stands at 12%, remaining elevated compared to early 2025 levels despite sitting slightly below June peaks.