According to CoinMeta, global tech stocks continued to decline, and reversals in trades related to artificial intelligence led to a significant pullback in the returns of hedge fund strategies, with some funds experiencing nearly zero returns for the year. Several large funds reduced leverage and cut back on their investment teams. Data from Goldman Sachs shows that equity long-short strategy funds, which primarily invest in tech stocks, suffered a loss of over 4% on Thursday alone, with their annual return rate dropping to near zero. Such funds had achieved an accumulated return rate of 24% in June. Global fundamental equity long-short strategy funds fell by an average of 1.3% on Thursday, and multi-strategy funds fell by 1.4%, with selling pressure spreading to a wider range of portfolios.