Short sellers pocket record weekly profit from Big Tech selloff

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Traders who bet against the "Magnificent 7" group of big U.S. tech stocks booked their biggest-ever weekly profit of more than $10 billion last week, with the biggest gains coming from their short position in shares of Nvidia and Tesla. The chip designer shed almost 14% last week to clock its worst weekly fall in over 19 months, helping short sellers rake in more than $3 billion in profit. Tesla, whose shares have lagged peers in the coveted group this year, also tumbled by an equal margin, leading to $3 billion in profits for short sellers. Bets against Microsoft and Apple yielded $1 billion in profit each last week. The tech-heavy Nasdaq and the benchmark S&P 500 suffered six straight sessions of declines last week, their longest losing streak since October 2022, as the evidence of U.S. economic resilience and still-high inflation diminished hopes of an interest rate cut anytime soon. Overall, the "Magnificent 7" shed close to $1 trillion in market capitalization last week. Tesla, Meta Platforms, Alphabet, and Microsoft will be in focus this week as the companies gear up to deliver their quarterly numbers.

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https://finance.yahoo.com/news/short-sellers-pocket-record-weekly-144257339.html