Stunning data from GS on Positioning (via BBG):

• Semiconductors on pace for the most bought global sub-sector for a second straight year, with allocations at record highs.

• Tech megacap exposure is at a one-year low, even as overall US tech positioning pushes toward five-year highs.

• Money rotating “deeper into the AI ecosystem — particularly semis and Asian chipmakers”

• Global hedge fund net leverage is at a four-year high, one of the sharpest four-week builds in five years.

• “What’s changing isn’t the fundamental story — it’s the market structure,” “The market is carrying more length, more leverage and, as a result, more volatility.” (Lee Coopersmith)