hocking Investment News! A massive loss of 59% and sudden closure! Did the worst financial titan fall during the bull market? Wall Street giants exit with tears. In the tech stock bull market of 2023 that gripped the US stock market, one of the hardest-hit Wall Street short-selling institutions came to light. On August 9th, Noble Absolute Return ETF (NOPE) announced that it would liquidate and close the fund after the closing of August 24th. Since its launch in September 2022, the fund has accumulated a loss of 59%.
The main reason for the loss was its aggressive short-selling of US tech giants during this tech stock bull market. Currently, more and more Wall Street institutions are warning of the risk of a tech bubble in the US stock market. Morgan Stanley reported that the artificial intelligence (AI) concept stocks in the US stock market are nearing their peak bubble. JPMorgan's US stock strategist Kolanovic stated that the speculation around AI concept stocks is creating a bubble in the US stock market, which may burst soon. In Europe, there is a semiconductor investment boom.
Recently, TSMC announced that it would build its first European semiconductor factory in eastern Germany, with an investment of over 10 billion euros. Additionally, Thierry Breton, Europe's industry policy director, stated that the "European Chips Act" would bring investment of over 100 billion euros to the semiconductor industry on the European continent, which will be a "game-changing investment". Massive Loss of 59%, Announcing Closure On August 9th, Noble Absolute Return ETF (NOPE) suddenly announced that it would liquidate and close the fund after the closing of August 24th. According to the fund's disclosed data, since its launch in September 2022, the fund has accumulated a loss of 59%, while the S&P 500 index has gained 25.14% during the same period.