Hedge funds have been actively increasing their purchases of U.S. technology stocks, marking the largest buying spree in over a decade. According to Goldman Sachs, hedge funds bought U.S. information technology stocks every day last week, representing the third consecutive week of buying and the highest notional long buying in the sector in more than 10 years. Despite this surge, hedge funds' exposure to the so-called Magnificent 7 tech stocks remains at its lowest level in at least five years, even lower than during the 2022 bear market bottom. Hedge funds have also significantly increased their gross leverage and net leverage over the past month, with the largest monthly increase in ETF short-selling in more than 10 years, holding $218 billion in ETF short positions and $948 billion in stocks. Meanwhile, foreign investors are returning to the U.S. stock market, with inflows on track to reach $138 billion this year, the second-best year in history. Retail investors have also been highly active, purchasing a record $50 billion in U.S. equities since early April and reaching a market share of 36% in late April, well above the 10-year average of 12%. Systematic equity exposure remains low, and commodity trading advisors (CTAs) are likely to be net sellers of equity exposure in most market scenarios, according to Goldman Sachs data. Overall, the market is witnessing strong inflows from hedge funds, foreign investors, and retail buyers, with a notable divergence in hedge fund exposure between broader tech stocks and the Magnificent 7 group.