PremiumThe AI trade has fared extremely well in the face of a strong earnings season, but, as Goldman Sachs flows gurus, Gail Hafif, Brian Garrett, and Lee Coppersmith, positioning has become crowded and short interest in the median name has reached the highest level in 15 years.Hedge funds and mutual funds initially took down exposure to US equities due to geopolitical tensions in March, but hedge funds have since lifted net leverage to the 85th percentile relative to the last five years.1. Hedge Funds