Hazeltree: hedge funds rebuilt mega-cap tech longs in September; Tesla long-to-short ratio fell to 0.54, lowest this year
What happened
Hazeltree's Data Insights unit published its September Crowding Report on October 19, 2026, showing hedge funds increased long positions in several major technology stocks in September despite rising interest rates and inflation concerns. Long participation rose in Alphabet, Meta, Microsoft, Nvidia and Amazon, while it declined modestly in Apple and Tesla. Semiconductor positioning turned more bullish overall: the share of PHLX Semiconductor Index constituents with net long positioning rose to 76.7% from 73.3%. Broadcom was the biggest swing — its net long exposure jumped 20 percentage points to 54.1%, shifting from short-biased to long-biased. On the other side, short participation rose notably in Meta and Tesla; Apple and Tesla remained the only Mag 7 stocks with more short than long holders, and Tesla's long-to-short ratio fell to 0.54, its lowest reading of the year.
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- Alphabet (GOOGL): long participation increased; long-to-short fund ratio moved back above 1.0 after slipping below in August — most crowded positioning improved
- Meta (META): long participation increased, but short participation also rose notably — mixed signal ahead of Oct 21 earnings
- Microsoft (MSFT): longs rebuilt, shorts up moderately
- Nvidia (NVDA): longs rebuilt; second-most-crowded semiconductor long after Applied Materials
- Amazon (AMZN): longs rebuilt
- Apple (AAPL): long participation declined modestly; still one of only two Mag 7 names with more short than long holders
- Tesla (TSLA): long participation declined; long-to-short ratio 0.54, lowest this year — persistent skepticism into Oct 21 earnings
- Broadcom (AVGO): net long exposure jumped to 54.1% from 34.1%, flipping from short-biased to long-biased; third-most-crowded semiconductor long
- Applied Materials (AMAT): most crowded semiconductor long
- Advanced Micro Devices (AMD): among most crowded semiconductor shorts — vulnerable to both continued weakness and a squeeze on good news
Sources