Hedge Funds Turn Buyers After CPI Print, Flood Into Tech Stocks At Fastest Pace Since February

Another week, another all time high, yet not everyone was rushing to buy stocks. According to Goldman's shares sales trading desk, long Onlies finished $6BN net buyers while hedge funds were flat. In the bank's latest much read Weekly Rundown, the most prominent theme was LOs ‘stopped in' buying in AI and Tech on a growing magnitude of positive updates, as well as the incredibly bullish (of course) commentary coming out of Goldman's annual Communacopia and Tech conference (AVGO, APP, GOOGL, UBER, MDB). With stocks at all time highs, volatility continued to be depressed and index vol remains extremely muted. Of notes, the momentum factor has moved steadily higher this week (+9.5%). Elsewhere, IPOs are back! Goldman was most active in 5 high-profile IPOs this week (KLAR, GEMI, VIA, FIGR, LGN) which will serve as a welcome signal for the health of the new issue market even as buybacks enter their dark period this week.