Calpers trims big tech exposure as AI jitters deepen neocloud sell-off
AI summary
Calpers, California's public pension fund, is reducing its exposure to big tech and shifting toward private equity as investors grow skeptical of tech valuations and the returns on massive AI spending. The move comes amid a broader sell-off in neocloud and AI-linked stocks. Traders should watch for further institutional de-risking from AI-heavy equities, which could pressure sentiment across tech-adjacent crypto and AI tokens.
