Institutional investors show caution toward tech favorites in US 13F filings

The quarterly 13F filing season functions like a slow-motion replay of what the smartest money in the room was actually doing while everyone else was watching headlines. The Q2 2026 edition, covering 6,371 institutional investors, tells a story of measured retreat from the stocks that defined the last bull run. Among the group Wall Street calls the Magnificent Seven, which includes Microsoft, Meta Platforms, and their megacap peers, 44% of institutions trimmed their holdings last quarter. Only 42% increased or initiated positions. A sector-by-sector split Software had a rough quarter in the filing data: 28.2% of institutions reported as net sellers, compared to 26.3% as net buyers. Semiconductors told a different story entirely. Some 48% of filing institutions were net buyers of chip stocks, against 34.5% who were net sellers. Tiger Global Management reduced its stakes in several key tech names and also cut its position in Taiwan Semiconductor. AI enthusiasm, with caveats AI-themed stocks sit in an interesting middle ground. Roughly 36% of filing institutions were net buyers of names like CoreWeave and Arista Networks, companies tied directly to the infrastructure buildout underpin...