While the media and sell-side analysts are busy focusing on the race for the top market cap spot, "smart money" has already been selling technology and internet plus-related stocks.$NVIDIA (NVDA.US)$, $Microsoft (MSFT.US)$ and $Apple (AAPL.US)$While vying for the top market cap position, "smart money" has already been selling technology and internet plus-related stocks.

This is according to the latest report from Goldman Sachs, which revealed that hedge funds, which are served by the bank's main department, were extremely active in selling information technology, internet, and communication stocks, to the extent that June’s sales volume is expected to reach the highest level the bank has seen in the past eight years.

Like reports from other brokerages, Goldman Sachs's report does not specifically mention the names of certain stocks or hedge fund clients. However, these reports still offer good insights into overall trends.

In the technology sector, Goldman Sachs's hedge fund clients reversed their bullish stance on semiconductors and semiconductor production equipment since the beginning of the year, making these stocks one of the most sold-off in June, followed closely by software and internet stocks.

In June, hedge funds also sold consumer stocks, including necessities such as food and luxury goods, as well as leisure stocks.

Buying of financial stocks exceeded selling in May, and net long positions in bank stocks have recently reached the highest level since 2022. The energy sector was the largest buying sector in June, consistent with the rise in Brent crude oil prices in June.

Among Goldman Sachs's main service clients, traditional long-short funds have risen nearly 8% so far this year. Systematic long-short funds established through quantification have risen nearly 16%.

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