According to a Goldman Sachs report, risk‑hedging funds sold the largest volume of U.S. technology shares in the week ending June 25, exceeding the August 2024 peak when the Nasdaq 100 fell more than 10%. The sell‑off is the greatest since the market crash on Independence Day, April 2025. The share of the "Seven Wonders" group in risk‑hedging funds’ total positions fell to 14.5%, near the lowest level in three years, and has dropped 7 percentage points since the start of 2026 – the steepest six‑month decline since the 2022 downturn. Overall, risk‑hedging funds are trimming their exposure to U.S. technology stocks.