According to CoinMeta, a report by Goldman Sachs indicates that equity hedge funds focused on the Asian market are facing the largest monthly drawdown on record due to widespread selling of AI concept stocks, which wiped out most of the gains previously realized from the market's concentrated bets on this sector. As of July 28, fundamental long-short equity hedge funds targeting the Asian market had an average decline of 18.6% this month. In the first half of the year, such funds became some of the best-performing in the world by betting in advance on AI hardware leaders, including South Korean chip manufacturers SK Hyundai Electronics and Samsung Electronics. The returns of some funds once exceeded 100%. However, the market has now seen a sharp reversal, and since reaching a peak return of 40% for the year on July 22, these funds have given back 21 percentage points of their year-to-date gains. Goldman Sachs pointed out that the crowded AI trading that drove the funds' substantial rise in the first half of the year is now becoming the main factor contributing to the unusually large drawdown this month. Faced with the volatile market, hedge funds have been taking profits and reducing their risks. As of July 27, Asian hedge funds had reduced their exposures for eight consecutive trading days, with the cumulative reduction in total exposure on five of those days hitting a record high.