Bad news for retail investors who are buying what the pros are selling, especially in AI and chip stocks.

• Hedge funds sold tech stocks last week at the fastest pace in over a decade, the biggest such move in years.
• The selling was heaviest in semiconductors and the big AI names that drove the market higher.
• US stock funds saw their first money outflows since March, a sharp reversal after huge inflows weeks earlier.
• The pros are getting out in a calm, steady way, and everyday investors buying the dip are the ones left holding the bag.
• Goldman calls it orderly, not a panic, which means this quiet selling could grind on for weeks.

Outlook: Expect real swings up and down in stocks by this fall as the smart money keeps reducing risk.