(Bloomberg) -- Investors pulled money from US equities for the first time in three months, with record withdrawals from tech funds signaling that the artificial-intelligence trade is cooling.
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US equity funds shed $8.5 billion in the week through June 24, Bank of America Corp. said in a report, citing EPFR Global data. Technology funds led the retreat, with a record $9.3 billion in outflows.
The trend marks a reversal from the previous week, when tech funds had drawn an unprecedented $19.2 billion, the BofA team led by Michael Hartnett wrote in a note.
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Wall Street has been rattled by a selloff in big technology shares, including a sharp slide in Apple Inc. While memory chipmaker Micron Technology Inc. soothed fears of a tech slowdown with a blowout sales forecast, the S&P 500 index has retreated from record highs hit earlier this month. Equity futures are pointing to another weak open for Wall Street on Friday.
Equity funds overall saw outflows, with $5 billion in withdrawals, BofA said, while money market funds shed $25.5 billion. European funds continued to lose popularity, registering their 11th straight week of outflows.
Investors shifted instead into fixed income funds which absorbed $16.6 billion, according to the report.
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