According to J.P. Morgan Chase's assessment of preliminary data on long and short hedge funds for stocks in the technology, media, and telecommunications sectors, technology stock trading may be becoming more dependent on retail investors after experiencing a sharp sell-off in July, and volatility will also increase. J.P. Morgan strategist Panigil Zoglu and others believe that Pivotal Path's data shows that such hedge funds lost more than 10% in July. This pullback is yet to be factored into the Situational Awareness Fund, which was forced to sell most of its public equity portfolio last week after a sharp sell-off in semiconductor and technology stocks. Panigirzoglou believes that this indicates that other stock long and short hedge funds focusing on technology stocks may also have been forced to close their positions in semiconductor and memory chip stocks.

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