Goldman Sachs data, as analyzed by Wallstreetcn, indicates that the net leverage of US fundamental long/short hedge funds dropped by 3.2 percentage points in a single week to 43.7%, the lowest level in nearly five years, with net selling in the information technology sector reaching a record high. The forward P/E ratio of the Nasdaq 100 Index has fallen to 20.5x, the lowest since the AI rally began in 2023. Despite multiple warning signs, including widening credit spreads, a surge in VIX call option volumes to the second-highest level in five years, and a more than 40% drop in semiconductor sector valuations, the Nasdaq 100 Index (NDX) has not effectively broken below its range support. The analysis suggests that extreme position unwinding itself constitutes a form of support. Furthermore, Apple (AAPL) has shown resilience, with its rolling two-month correlation with NDX turning negative for the first time, indicating increasing risk aversion and divergence within the tech sector. In Europe, the French 10-year government bond yield is approximately 35 basis points higher than Italy's, as spreading sovereign debt pressure weighs on European bank stocks.