摩根大通策略师们补充称，美国股指期货的投机性持仓目前相对接近其长期中位水平，此前在2024年和2025年第一季度曾显著高于中位水平。这表明，总体 敞口目前仅接近历史平均水平，而非处于过度扩张区间，即便股市正处于历史高位。 此外，尽管纳斯达克100指数ETF(QQQ)的空头仓位仍处于自2024年初以来的相对低区间，但标普500指数ETF(SPY)的空头仓位仅部分回吐了4月初所谓"解放 日"关税公告前后大幅上升的部分，显示市场上仍存在一定的谨慎情绪。策略师们指出："这表明投机性投资者在美国股市中的敞口并未特别高，原则上仍有 进一步上升的空间。" 自4月低点以来，全球股市持续飙升，投资者追赶强劲的经济数据、减弱的衰退担忧以及美联储更为鸽派的立场。投资者对与人工智能热潮相关股票的需求 依旧旺盛，美国大型科技股推动主要股指多次刷新纪录高位。 智通财经APP获悉，尽管全球股市已创下历史新高，但摩根大通的持仓数据显示，包括部分对冲基金在内的投资者仍在保持观望态度。由Nikolaos Panigirtzoglou领导的摩根大通策略师团队在一份报告中指出："有一类投资者似乎仍然持相对谨慎的仓位，那就是宏观对冲基金。"他们表示， ...

Core Viewpoint - The article highlights the divergent strategies of major financial institutions regarding technology stocks amid the AI boom and market volatility, indicating a potential shift in investment themes for the upcoming period [1]. Group 1: UBS - UBS reduced its holdings in major tech stocks, including a 10.86% cut in Apple, 5.16% in Nvidia, and 3.95% in Microsoft, while increasing its position in Nasdaq 100 put options by 84.21% [2]. - The strategy reflects a defensive posture, aiming to hedge against potential declines in tech stocks while maintaining a neutral stance on the broader market [2]. Group 2: Wells Fargo - Wells Fargo showed strong confidence in the overall market, increasing its total holdings by 9.77% to $483 billion, with a 47.29% increase in the S&P 500 ETF [3]. - The bank exhibited a "structural increase" in tech stocks, notably boosting its position in Google by 30.89% and adding Broadcom to its top holdings, indicating a focus on the AI supply chain [3]. - Wells Fargo also adopted a dual strategy of increasing bond ETF holdings for volatility protection while aggressively increasing Nasdaq 100 put options by 92.25% [3]. Group 3: Nomura - Nomura's holdings grew by 13% to $60.5 billion, with a significant focus on AI applications and individual stock volatility [4]. - The firm increased its position in Meta call options by 10.98% and Microsoft call options by 110%, reflecting a strong bet on AI application leaders [4]. - Notably, Nomura employed a unique strategy with Tesla, increasing both put and call options, indicating a bet on volatility amid uncertainties surrounding the company [4]. Group 4: Hedge Fund Strategies - Hedge fund strategies varied significantly, with some, like Ackman, focusing on consumer stocks, while others, like Soros, adopted a defensive approach by increasing put options on the S&P 500 and Russell 2000 [6]. - Michael Burry's shift from shorting tech stocks to buying call options on healthcare and tech companies illustrates a dramatic change in sentiment, aligning with the broader market rebound [6]. Group 5: Market Signals - The analysis of institutional holdings reveals three key market signals: the definitive split in tech stocks, the standardization of hedging tools, and a balance between defensive and offensive strategies [7]. - The divergence in tech stock performance suggests a preference for hard tech and AI applications over consumer electronics, indicating a shift in investor focus [7]. - The use of derivatives for risk management highlights a transition from a bullish market to a more volatile environment, where institutions are seeking structural opportunities [7].