Hedge and Mutual Funds Diverge on AI Equity Holdings

Goldman Sachs reported that hedge funds and mutual funds selectively adjusted their artificial intelligence equity exposures during the second quarter of 2026. An analysis of 991 hedge funds and 504 large-cap active mutual funds showed both groups added shares to 15 AI infrastructure stocks, including Bloom Energy, Flex, and Seagate Technology.

Investor groups diverged on several other key holdings. Mutual funds increased positions in Advanced Micro Devices, Micron Technology, and SanDisk, while hedge funds sold those same assets. Conversely, hedge funds increased exposure to Microsoft and Amazon.com, while mutual funds reduced their holdings in both companies.

Beyond the technology sector, both investor groups are now overweight in financials. This marks only the third time in historical data that such an overlap has occurred. Shared favorite stocks across both portfolios this quarter include Boeing, Capital One Financial, Mastercard, SpaceX, Thermo Fisher Scientific, and Visa.