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Hedge Funds See Revenue Drop Amid Tech Sell-Off
The article points to a decline in returns for global hedge funds due to worsening sell-offs in the technology sector, with their main strategies experiencing their worst performance since the COVID-19 pandemic. Concerns over massive spending on developing artificial intelligence technologies triggered a strong wave of selling, especially after shares of major companies like Meta and Nvidia declined. The Nasdaq index dropped by 2.6% for the first time since June, prompting funds to reduce leverage and cut their exposures to confront losses.
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