在持股结构上，funds 的 long portfolios 对 Momentum factor 的配置升至第 90 百分位，Semiconductors 的比重达到破纪录的 10%，而 Software 的权重则降至 2019 年以来最低。季度内 Rising Stars 中，约一半与 AI 交易相关，领涨者包括 SNDK、LRCX 与 AMAT；此外，本季进入 Hedge Fund VIP list 的 12 档最受欢迎 long positions 中，有 7 档是 AI infrastructure companies。
整体而言，这笔交易大致是赢面交易，因为多头部位的强劲表现部分抵消了 short books 的普遍失利，但也让 hedge funds 的 crowding 指标从已偏高的水位再往上升。值得注意的是，ETF 正被更广泛地用于建立 long exposure，而不只是 hedging；根据 Goldman，其他 ETF，主要是 State Street 与 BlackRock 的旗舰 S&P 500 funds，现已占 aggregate long books 的 4.9%（4.9 per cent），为 2008 年以来最高。
Goldman Sachs’ latest Hedge Fund Trend Monitor shows that hedge funds, with more than 1,000 US-registered funds and about $4.6tn in gross long and short holdings, are clearly leaning into the AI trade. Although the data lag, it still offers a useful read on what is hot. Heading into Q2 2026, hedge funds raised their net tilt to Information Technology by +853 bp, the largest quarterly increase on record, while adding to Communication Services and cutting exposure to nearly every other sector.
In portfolio terms, funds now hold a 90th percentile tilt to the Momentum factor, a record 10% weight in Semiconductors, and the smallest Software allocation since 2019. Roughly half of the quarter’s Rising Stars with the biggest gains in hedge fund popularity are tied to AI, led by SNDK, LRCX, and AMAT. Of the 12 stocks added to Goldman’s Hedge Fund VIP list this quarter, seven are AI infrastructure companies.
Overall, this has been a profitable trade: strong long performance has helped offset broad weakness in short books. But it has also pushed hedge fund crowding measures higher from already elevated levels. Another notable shift is the increased use of ETFs for long exposure rather than just hedging; according to Goldman, miscellaneous ETFs—mostly State Street and BlackRock’s flagship S&P 500 funds—now account for 4.9% of aggregate long books, the highest share since 2008.