Institutional investors have turned sharply bullish on US equities. Last week, hedge funds logged their largest weekly purchase of US stocks since November 2025, driven mainly by short covering rather than new long positions. This marks the fourth consecutive week of net buying. As a result, the technology sector now accounts for about 22% of hedge funds' total US stock exposure, near a five‑year high, up roughly six percentage points since early January and outpacing the post‑2022 market‑down recovery pace.