Global hedge funds sold US shares of technology, media, and telecommunications companies in June at the fastest rate seen since 2016, with semiconductor stocks leading the trend, according to report by Reuters citing a Goldman Sachs note.

While the note does not specify the reasons behind the surge in sales, the sell-off may suggest that portfolio managers are growing more bearish on tech stocks after the sector's strong rally in the first half of the year.

Goldman Sachs identified semiconductors and software as the top two most sold sectors in June, while hedge funds increased their holdings in tech hardware and electronic equipment.

Tech stocks were a major driver of the S&P 500 index's robust performance in the first half of the year, with artificial intelligence chipmaker Nvidia surging by 150%, and contributing 30% to the index's 15% return.

The note also highlighted that hedge funds net sold global equities for the third consecutive month, driven almost entirely by short sellers.