Group 1 - Despite global stock markets reaching historical highs, investors, including some hedge funds, remain cautious according to Morgan Stanley's holdings data [1] - Macro hedge funds have a slightly negative stock beta, indicating their exposure to the stock market, although there has been some improvement in recent months [1][3] Group 2 - Since the low in April, global stock markets have surged, driven by strong economic data, reduced recession fears, and a more dovish stance from the Federal Reserve [3] - Demand for stocks related to the artificial intelligence boom remains strong, with major U.S. tech stocks pushing indices to record highs [3] - Speculative positions in U.S. stock index futures are close to their long-term median levels, suggesting that overall exposure is near historical averages rather than in an overextended range [3] - The short positions in the Nasdaq 100 ETF (QQQ) are relatively low, while the short positions in the S&P 500 ETF (SPY) have only partially retraced from significant increases earlier in the year, indicating ongoing cautious sentiment in the market [3] - This suggests that speculative investors' exposure in the U.S. stock market is not particularly high, indicating potential for further upward movement [3]