Bank of America Merrill Lynch clients sold more than $1 billion of tech stocks last week.

Tech stocks in the S 500 are up 23% this year, more than double the benchmark.

The scorching-hot tech trade is showing signs of fatigue.

Investors sold more than $1 billion in tech stocks last week, the biggest offloading since January 2016, according to client data compiled by Bank of America Merrill Lynch.

Breaking the exodus down further, all three groups monitored by BAML — hedge funds, institutional clients and private clients — sold shares in tech companies during the period.

Bank of America Merrill Lynch

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