Goldman Sachs reported that hedge funds actively de-risked in October, with net leverage falling by 4.2 percentage points to 73.4%, the fastest reduction since March. Over the past two weeks, Goldman Sachs recorded approximately $20 billion in tech stock sell-offs, while five consecutive trading days of AI stock sell-offs erased cumulative net buying since early 2025. Fundamental long/short funds lost 3.5%, and systematic strategies declined by 3.6%. The sell-off was concentrated in the Technology, Industrials, and Materials sectors, while Healthcare and Real Estate attracted buying.