The end of US exceptionalism? really?
Source: Goldman, EPFR
Hedge funds are abandoning US tech stocks at the fastest pace in over a decade:
The Technology, Media, and Telecom sector has seen the largest and most sustained outflows of any US sector in 2026. The net selling accelerated sharply in June to nearly -3% of total US gross market value, according to Goldman Sachs. Last week, hedge funds sold the most US Information Technology stocks in more than 10 years, in both dollar and percentage terms. This was driven by long and short sales at a ratio of roughly 1.3 to 1. Semiconductors and semiconductor equipment accounted for more than half of the total tech sales, having now been net sold for 8 consecutive sessions. Hedge funds are running to the exit in US tech. Source: Global Markets Investor, Goldman Sachs
The top 10 contributors to S&P 500 earnings growth.
Source: Markets & Mayhem, Factset
88% of companies have entered buyback blackout window (GS)
Source: zerohedge
Only 2 months left to buy the Magnificent 7 before the cash flow explosion begins???
Source: Patient Investor @patientinvestor FT
World's Most Cash Rich Companies
Source: The Market Mind @Market_Mind_
The Magnificent 7 just lost nearly $3 TRILLION in market value.
June is shaping up to be their worst month on record. The Roundhill Magnificent Seven ETF ($MAGS) has plunged -12.9% month-to-date, including -5.9% this week alone. But this isn't just another tech selloff. Apple has raised MacBook prices. Microsoft has increased Xbox prices. Both point to the same culprit: rising memory costs driven by the AI infrastructure boom. For the first time, AI CapEx is flowing through the entire value chain and showing up in consumer prices. Now investors are asking a different question How long will markets keep rewarding record AI spending before demanding stronger returns? If confidence fades, the market won't just reprice Big Tech. It will start pricing in AI CapEx cuts. That would lower growth expectations for hyperscalers, hit semiconductor demand, and could trigger a much broader market selloff. The AI trade has been built on ever-higher investment. What happens if Wall Street starts expecting less? This is a key downside risk to monitor. Which also means that you need to be broadly diversified. Source: Dow Jones, Global Markets Investors
Stairs up, ELEVATOR down in US space stocks:
The equal-weighted basket of 10 space sector stocks has COLLAPSED -50% since its peak, the largest drawdown since April 2025 and the 2nd-largest since the 2022 bear market. SpaceX, $SPCX, alone is down -32% since its mid-June peak. This comes after retail investors purchased $405 million of SpaceX shares during its first 5 trading days after its June 12 IPO, the largest first-week retail purchases of any IPO ever. Mom-and-pop investors also piled into leveraged ETFs linked to SpaceX, purchasing $65.8 million of the 2x Leveraged Long SpaceX ETF, $SPCH, over its first few trading sessions. The fund is down -56% since the June 16 peak, posted on the 2nd trading day after its launch. Source: Thomas Callum, Topdown charts
