Hedge funds betting against US technology stocks have been battered by $18bn of losses after Big Tech’s robust earnings fuelled a sharp rebound in the sector.
Crispin Odey and James Hanbury are among the hedge fund managers burned by a 16 per cent rally in the Nasdaq Composite this year, as a number of stocks with high levels of bets against them defied pessimistic expectations.
Microsoft and Meta this week were among those producing better-than-expected earnings, extending a powerful stock market rally that has been narrowly focused on a handful of giant tech concerns. The latest gains left the combined market value of the five biggest tech companies $1.9tn higher on the year, a gain of 31 per cent.
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