Goldman Sachs Prime data shows that hedge fund year-to-date gains have more than halved from their June peak, impacted by a wave of AI trade reversals. Among these, Asian fundamental long/short funds saw a 7% decline this month, with year-to-date gains falling from 40% to 16%. Global AI stocks have experienced net selling for six consecutive trading days, with the cumulative net flow Z-score dropping below -3, representing the most extreme position reduction since the launch of ChatGPT. Goldman Sachs analyst Mark Wilson warned that any rebound in AI stocks would merely be a position-repair rally until junk-rated AI assets, represented by CoreWeave, stabilize.