Something is breaking While S&P sits 3% off highs, hedge funds are quietly stampeding for the exits The numbers: $20B in tech stocks dumped in two weeks Hedge fund exposure cut 7.8% - biggest drop since 2016 Goldman's top hedge fund basket down 4.2% in one day - worst since 2011 Memory stocks lost $700B in under two weeks Chip stocks down 15.6% in October They're not rotating They're leaving They see the circular AI financing They see the debt They see the negative cash flow The S&P is still pretending everything is fine When retail figures it out, the exit will already be crowded