Hedge funds accelerated their selling of technology stocks to the most aggressive pace since Goldman Sachs began tracking such data in 2016. Over the five trading sessions ending last Thursday, net selling of the tech sector reached its highest level as a share of holdings, with semiconductors and semiconductor equipment accounting for 57% of total net selling in U.S. tech equities. The heavy offloading coincided with a 5.5% drop in the Nasdaq 100 and an approximately 11.4% decline in the Philadelphia Semiconductor Index during the same period. Despite the sharp reduction, tech stocks still represented 23.5% of net allocation on Goldman Sachs' global prime brokerage book, remaining at the 90th percentile of the past five years. Meanwhile, leveraged equity ETFs attracted nearly $9.5 billion in net inflows from October 12 to 16, setting a weekly record, with the Direxion Daily Semiconductor Bull 3X Shares (SOXL) capturing roughly $7 billion of that flow.