AI concept stocks pull back as Wall Street banks demand additional collateral from some hedge funds

According to the Financial Times, AI-focused stocks continue to pull back, and Wall Street banks are requiring some hedge funds with concentrated positions and high leverage to post additional collateral. The Nasdaq 100 index has fallen 10% from its early June peak, while the Philadelphia Semiconductor Index has declined about 25% since the end of June. Long-short and multi-strategy hedge funds have experienced daily drawdowns.