Hedge funds and mutual funds both bought Bloom Energy, Flex and Seagate Technology in the second quarter of 2026, but diverged on other artificial-intelligence-related stocks, Goldman Sachs said. Mutual funds added Advanced Micro Devices, Micron Technology and SanDisk, while hedge funds sold all three. Hedge funds remained more exposed to the AI trade overall. Goldman identified 12 AI infrastructure stocks added by both groups: American Electric Power, AXT, Bloom Energy, CoreWeave, Flex, Lion Electric, NiSource, Sanmina, SiTime, Seagate Technology, Talen Energy and Xcel Energy. Among mega-cap AI names, hedge funds bought Microsoft and Amazon.com while selling most of the rest of the group; mutual funds sold both Microsoft and Amazon.com. AI infrastructure gained sharply in mutual-fund portfolios this year but remained below benchmark weights. Fund managers broadly rotated from technology stocks toward financials in Q2, as rising interest rates supported banks and insurers while technology stocks and REITs faced net selling amid rate sensitivity and AI-related volatility. The analysis covered 991 hedge funds with $5.4 trillion in gross equity positions and 504 large-cap active mutual funds with $4.6 trillion in equity assets as of the start of the third quarter of 2026. Both groups were overweight financials for only the third quarter in Goldman Sachs’ historical data and jointly bought Capital One Financial, Corpay, Fiserv and Interactive Brokers Group. Hedge funds lifted their financials tilt by more than 300 basis points, or three percentage points, to the sector’s largest position since before the global financial crisis, while mutual funds reached their largest financials overweight since at least 2012. Both groups were also heavily overweight health care but differed in consumer-sector positioning. Their six shared favorite stocks were Boeing, Capital One Financial, Mastercard, SpaceX, Thermo Fisher Scientific and Visa. A portfolio of those stocks returned 29% year-to-date, versus 16% for the equal-weight S&P 500. Since 2013, the portfolio returned 17% annually with a 22% standard deviation, while the median shared favorite traded at 25 times earnings, compared with 19 times for the median S&P 500 stock.