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Q1/2026 becomes the largest net selling wave of US Tech in over 5 years, with Software accounting for approximately 60% of total sales.
Hedge funds' net exposure to US Software drops from around 7% to about 1.4%.
Long/Short ratio also plummets sharply → not only reducing positions but also actively shorting.
=> Funds are not just decreasing purchases. They are cutting positions and increasing shorts simultaneously.
For ten years, SaaS has been a familiar money-making model on Wall Street.
- 2021-2022: high exposure, software as the core bet
- 2023 peaks
- 2024-2025: capital begins to exit
- 2026: starts to fall sharply.
Confidence in software is gradually turning into fear. The SaaS business model is no longer a "must-have" sector in portfolios, gradually being replaced by AI infrastructure/Big Tech.
Long/short ratio decreases → Wall Street is shifting toward hedging and even shorting.