"Higher Probability Of VIX 25 Than SPX -2%": Hedge Funds Dump Tech As Goldman Finds Records Everywhere Except Conviction

A week ago, we described a hedge fund community whose conviction had collapsed to "Liberation Day" lows even as the S&P sat a few points from a record. One week, one new S&P high and one OpenAI revenue scare later, conviction is still nowhere to be found (if not worse). What has changed is where the money is hiding.

Per Goldman's latest must-read US Equities Weekly Rundown (full note available to pro subs), the S&P rose 1.2% on the week to 7,811 while the Nasdaq 100 eked out 0.2% and the Russell 2000 fell 0.9%. Under that placid surface, the desk's prime book, futures, derivatives and ETF teams all flagged something that ranks either at or near a record:

The Rotation: Out Of Tech, Into Hammers And Missiles