A report from Goldman Sachs He revealed that the coverage funds reduced their exposure to technological and media actions in the United States to the fastest rate in six months. This massive departure occurred in the two weeks prior to February 21, in a context of volatility in the sector and expectations around the financial results of NVIDIA (NVDA)one of the largest referents in the market Artificial Intelligence (AI).
Massive funds before the Nvidia report
According to the Goldman Sachs report, speculators liquidated both long and short positions in AI, media and telecommunications companies. Nvidia, which currently represents the 6.3% of the S&P 500it has become a key thermometer for the industry, with a growth of more than 550% in the last two years.
The market expects the Nvidia profit report, scheduled for this week, to provide signals about the future of the sector. Its performance is especially relevant in a context of growing adoption of AI and its impact on great technological ones.
Coverage funds adjust strategies to volatility
The coverage funds that combine long bets (buying a rise) and short (sales waiting for a fall) They recorded losses in their short positionsbut they compensated with profits in their long positions, according to the analysis of Goldman Sachs.
While the shares selectors ended the week without changes, the systematic traders obtained a performance from 0.36% between February 14 and 20.
The US shareholding market closed the week with falls, promoted by discouraging economic data and the expiration of options for US $ 2.7 billionwhich added pressure to the quotes.
Coverage funds bet on Asia
In contrast to the US liquidation, coverage funds their investments in Asian markets increasedboth developed and emerging, at its fastest rate in five months. According to Goldman Sachs, Asia is currently the only region where the funds maintain more long than short positions.
The markets with the highest volume of net purchases to date are China, Taiwan and Hong Kongwith an assignment of 8% in developed markets of Asia and a 13.3% in emerging markets. These figures represent the highest levels in a year.
A change in market balance
The rotation of coverage funds reflects an adjustment strategy in the face of uncertainty in the US technology sector and growing confidence in Asian markets. With Nvidia as the protagonist of the week, the market expects key signals that could define the direction of investment in the technological sector in the coming months.
Microsoft cancels AI data centers contracts and doubts about their strategy grow
A report from TD Cowen revealed that Microsoft (MSFT) has canceled several data centers lease contracts in the United States, which generates questions about its investment strategy in Artificial Intelligence (AI) and the future demand for computer capacity.
Microsoft adjusts its AI infrastructure
According to TD Cowen’s analysis, Microsoft would have discharged agreements equivalent to “A couple of hundreds of megawatts” of capacityapproximately Two data centers. The decision affected private operatorswhich suggests that the company is reassessing its need for physical space for its AI operations.
TD Cowen analysts speculate that this measure could be related to the Openai’s workload migration to Oracleas part of a new agreement between both companies. They also indicated that Microsoft It could be reassessing investment in data centers within the USA instead of expanding abroad.
Microsoft did not confirm the reports, but reiterated its commitment to spend 80,000 million dollars this year In AI infrastructure.
An excess capacity in the sector?
Contract cancellations have generated doubts about whether Microsoft It is oversizing its ability to. Despite its commitment to growth, the company faces a market where the demand for artificial intelligence services is not yet translated into practical applications on a large scale.
Wall Street follows the subject, especially after the recent launch of the Deepseek open source AI modelwhich promises to offer similar capabilities to those of OpenAI at a significantly lower cost.
The news also had repercussions on the energy market, since Schneider Electric and Siemens Energy’s actions fell Given the possibility that large technological ones reduce their electrical consumption in data centers.
Reconfiguration of the AI market
The sector is still in full transformation. While Microsoft evaluates its strategy, giants such as Amazon, Google and Meta They have announced record investments in AI infrastructure, with disbursements of up to 100,000 million dollars In the coming years.
In addition, Microsoft’s relationship with Openai is evolving: in January, the company allowed the startup to use cloud computing services of other suppliersbreaking its exclusivity.
In this context, Microsoft’s decision could be part of a strategic adjustmentinstead of a sign of weakening of the AI market. However, the movement generates questions about the balance between infrastructure investment and real growth in artificial intelligence demand.
Source: Ambito
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