华尔街空头盯上哪些目标？高盛揭露AI浪潮下的做空暗线

Core Insights - Current market sentiment in the US stock market is tense, with a notable increase in Oracle's credit default swap (CDS) trading volume, indicating signs of a potential bubble in the AI sector [1] - Goldman Sachs' latest hedge fund positioning report reveals that "smart money" is not yet ready to short AI giants but is starting to focus on weaker companies within the AI wave [1] Short Selling Trends - The median short interest for S&P 500 constituents is surprisingly high at 2.4%, placing it in the 99th percentile of the past five years and significantly above the long-term average since 1995 [1] - The Nasdaq 100 index shows a slightly higher short interest at 2.5%, while the Russell 2000 index has the highest short interest at 5.5% [1] - The utility sector has seen a notable increase in short interest, rising 0.3 percentage points to 3.2%, marking one of the highest levels historically [1][2] Utility Sector Dynamics - The surge in short interest in utility stocks is likely linked to the energy demands of data centers driving AI models, making previously "boring" utility stocks more attractive [2] - American Electric Power's stock has risen over 31% this year, with its market capitalization reaching $65 billion, and its short interest currently stands at 4%, up from the typical range of 1% to 2% over the past decade [2] Notable Shorted Stocks - Tesla remains the most shorted stock in the US, with JPMorgan making a notable entry into the top four most shorted stocks [2] - New entrants in the list of heavily shorted stocks include Oracle with $5.4 billion, Intel with $4.6 billion, and GE Vernova with $4.1 billion [2][3] Market Positioning - Goldman Sachs' hedge fund report reflects a snapshot of current market conditions, based on data from 982 hedge funds holding a total of $4 trillion in stock positions, with $2.6 trillion in long positions and $1.4 trillion in short positions [4] - Despite the recovery from recent market volatility, hedge funds remain cautious regarding AI giants, as bubbles can persist longer than the funds' ability to pay [4] - The increase in short selling in the utility sector and weaker AI stocks suggests that some funds are beginning to position themselves for potential short opportunities [4]