A sell-off in artificial intelligence and semiconductor stocks in July caused heavy losses for hedge funds focused on technology shares. Whale Rock Capital Management's main fund lost 21.7% in a single month, reducing its year-to-date return to 35.1% from 72.5% at the end of June. Meanwhile, Situational Awareness, a hedge fund concentrated on AI, lost as much as 67% and had to sell most of its portfolio holdings to Ken Griffin's Citadel to raise collateral. Other affected funds include Point72 Turion, down 11.4%, Coatue Management, down 8.3%, and Point72's main fund, down 3.3%. Some quantitative strategy funds performed well, however, with Renaissance Institutional Equities up 9.2% and FIFTHDELTA up 8.6%.
