A group of hedge funds' favorite stocks trounced the broader market, thanks to the strength of mega-cap tech, according to Goldman Sachs. The Wall Street bank analyzed the holdings of 744 hedge funds with $2.4 trillion of gross equity positions at the start of the third quarter, based on regulatory filings.
The largest tech stocks — Amazon , Microsoft , Google-parent Alphabet , and Meta Platforms — remain the most popular hedge fund long positions at the end of June. Big AI winner Nvidia was the fifth-most popular stock among hedge funds. The chipmaker's stock climbed to a record high after the company reported a beat on the top and bottom lines . The strong performance was driven by its data center business, which includes the A100 and H100 AI chips needed to build and run AI application.