智通财经网·2026-02-24 11:13Core Viewpoint - Global hedge funds, referred to as "smart money," have recently bought into major U.S. tech giants and SaaS stocks, indicating a potential short-term rebound for the Nasdaq 100 index after a month of decline [1] Group 1: Market Trends - The seven largest U.S. tech giants, known as the "Magnificent Seven," including Apple, Microsoft, Google, Tesla, Nvidia, Amazon, and Meta Platforms, are seen as key drivers of the S&P 500 index's record highs and are expected to deliver substantial returns amid significant technological changes [2] - Following a record scale of sell-offs, there has been a net inflow into software stocks, although the specific timeframe for this recovery is not provided [2] - The latest net selling in global stock markets reached its highest level since former President Donald Trump announced a series of import tariffs in April of last year [3] Group 2: Hedge Fund Activity - Hedge funds have shown signs of "marginal recovery," buying back shares of major tech giants and previously impacted software stocks after weeks of deleveraging and selling [3] - The leverage ratio of hedge funds has increased, nearing its highest level in a year, indicating potential volatility if macroeconomic or geopolitical issues arise [2][3] Group 3: Sector Performance - Financial stocks experienced the highest net selling, while defensive sectors like energy, healthcare, and consumer staples saw significant net buying [3] - The sell-off in software stocks was driven by concerns that AI advancements could undermine the SaaS subscription revenue model, leading to widespread selling across various labor-intensive industries [4] - Analysts caution that while a technical rebound may be possible due to hedge fund activity, the underlying concerns regarding AI investment returns and software business model vulnerabilities remain unresolved [4]