James Campion @campervans: "Goldman Sachs | "HedgeFunds Go..."

United Arab Emirates

Goldman Sachs | "HedgeFunds Go All-In on Semis -> Dump Software" Goldman's latest hedge fund monitor reveals a historic rotation from Software into Semis. The weight of Semis in HF long portfolios is now at a record high, while Software exposure has cratered to its lowest since 2019, with funds even reducing positions in MSFT. This is a structural shift, not just a short-term trade. HF POSITIONING SHIFT • Hedge fund long exposure to Semiconductors now officially exceeds their exposure to Software, a milestone for the sector. • Mutual funds are also participating, carrying their widest underweight in Software (ex. MSFT) since 2012. • Recent HF buying was concentrated in LRCX, AMAT, and ASML, while mutual funds added to INTC and SITM. M&A CATALYST: DELIVERY HERO • Uber has reportedly approached a major Delivery Hero shareholder with a €38/share proposal after a €33/share indicative bid was rejected. Some shareholders are said to be holding out for €40+. • The move follows activist Aspex upping its stake and Uber acquiring 19.5% of the company. • DoorDash has also reportedly explored interest in DHER’s MENA assets (Talabat, HungerStation), adding competitive tension to the situation. SUPPORTING SEMI DATA • The memory cycle is accelerating. Global NAND Flash revenue surged 83.7% QoQ to $ 38.9B in Q1, driven by AI server SSD demand. • ASML is boosting its hiring plans in Taiwan, adding 1000 employees this year vs. a previous target of 600, signaling strong forward-looking demand. Source: Goldman Sachs | $GS (Goldman Sachs Group Inc) $NVDA (NVIDIA Corporation) $MU (Micron Technology, Inc.) $TSM (Taiwan Semiconductor Manufacturing Co Ltd - ADR) $CRM (Salesforce Inc)

Not investment advice. The author may have financial interests in the mentioned instruments.