Hedge funds pile into Mag 7 stocks at fastest pace since 2023; net exposure hits record 22% of US holdings (Goldman Sachs prime brokerage data)
What happened
Hedge funds have increased their net exposure to the Magnificent Seven to a record 22% of total US holdings, according to Goldman Sachs prime brokerage data reported by The Kobeissi Letter and picked up across financial media this weekend. That is a roughly 7-percentage-point jump since July — the biggest three-month increase since 2023 — topping the prior record of 21% from June 2024 and nearly tripling the 8% bear-market low of 2022. Hedge funds' net exposure to semiconductor stocks has also climbed to 12% of US exposure, just below the 14% peak of June 2026 and far above the 2% level at the start of 2025. The data lands alongside a record $15.4 billion in US semiconductor imports in August (+$2.4B month over month, +185% year over year, the largest annual increase on record).
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Start your free 14-day trialWho’s affected
- Mag 7: AAPL, MSFT, NVDA, AMZN, GOOGL, META, TSLA — now over a fifth of hedge-fund US equity exposure
- Semiconductor complex (NVDA, AMD, AVGO, MRVL, MU): hedge-fund net exposure at 12%, near the June 2026 peak of 14%
- AI-infrastructure beneficiaries (e.g. DELL, ANET, CIEN): indirect read-through from the record chip-import capex signal