Hedge fund liquidations have reached their highest level since 2009 as a sharp technology-stock sell-off adds to pressure from an October market rout. Funds trading artificial intelligence and healthcare stocks, along with risky corporate debt, suffered losses and cut staff while unwinding positions. Financial journalist Charles Gasparino said an anonymous financial-services CEO described the clear-outs as necessary groundwork for a market bottom but warned that further downside pressure remains. The liquidation wave has also fueled speculation that one or more major hedge funds could be facing significant trouble as volatility spreads across markets.