Half Year Crowdedness Trends: Tech Turbulence and Tariff Twists Define First Half of 2025

The first half of 2025 was marked by uncertainty and divergence in short positioning, as revealed by Hazeltree’s Shortside Crowdedness Reports. Despite market noise, the so-called “Magnificent Seven” tech giants were largely absent from the most crowded shorts—with the notable exception of Apple, which appeared early in the year, while Tesla remained surprisingly untouched.

Instead, tech stocks took center stage globally. In North America, names like IBM, Super Micro Computer (SMCI), and Wolfspeed dominated the shortside, backed by consistently high institutional utilization. This trend echoed across EMEA and APAC, where semiconductor and tech companies such as BE Semiconductor Industries, Kokusai Electric, Disco Corp, and United Microelectronics drew sustained short interest.

Adding complexity, Trump-era tariff fluctuations injected further volatility, especially impacting global consumer and luxury names like LVMH, Kering, and Anta Sports. However, the anticipated shorting of automakers was more muted than expected, with only sporadic appearances from names like Nissan and Daimler Truck.

Looking ahead, with tariff deals taking shape and trade policies settling, the second half of the year may offer more clarity. But if the first six months are any indication, unpredictability remains the defining theme—making Hazeltree’s monthly insights a key barometer for institutional sentiment.