Big Wall Street investors chased tech during GameStop retail frenzy: BofA

Deep-pocketed investors pumped a record $4.2 billion into big technology stocks last week, BofA’s flow data showed on Friday, taking advantage of the slight pullback on Wall Street while retail traders were busy buying stocks such as GameStop.

An army of retail investors went toe-to-toe with Wall Street professionals last month by buying into stocks that were heavily shorted by hedge funds. In the tussle, some funds had to sell out of their long positions to cover the losses, causing wider falls in stock prices.

“Big client zeitgeist in past 2 weeks has unambigously been to buy the FAANMG (Facebook, Amazon, Apple, Netflix, Microsoft and Google-owner Alphabet) underperformance,” said Michael Hartnett, BofA’s chief investment strategist.

Big Wall Street investors chased tech during GameStop retail frenzy: BofA, Reuters, Feb 5