Institutional Investors Increase Exposure to Nasdaq 100 and US Technology Stocks
What happened
Hedge funds have increased their exposure to US technology stocks as the Nasdaq 100 returned to a record high, driven by the artificial intelligence rally. Flows into technology-focused US exchange-traded funds accelerated, with investors committing around $22 billion to tech ETFs during the third quarter. According to Bank of America, US equity funds attracted almost $64 billion in weekly inflows through September 16.
From hedgeweek.com
Why it matters
The increased inflows reflect renewed confidence in the earnings outlook for large technology companies. Data from Goldman Sachs Prime Services showed the strongest net buying of US stocks in five weeks, led by software companies.
From hedgeweek.com
Who's involved
- Bank of AmericaFinancial services corporation whose data on inflows is cited in the report.
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The entities involved
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Bank of America
American multinational banking and financial services corporation
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Bloomberg Television
financial and business cable news channel
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