The rising yields on bonds have caused hedge funds to quickly sell technology shares with growth potential at a rate never seen before in the last decade.

As interest rates rose, the hedge fund community sold tech stocks during four sessions that ran from Tuesday to Dec. 30, and Wednesday. This was the largest sale of tech stocks in dollars in over 10 years. It also marked a new record for the prime brokerage Goldman Sachs, which began tracking data.

Because rising yields can affect tech stocks, they are more sensitive to them. Higher debt costs could hinder growth and reduce their cash flow potential. Tech-heavy Nasdaq Composite has sold off more than 3% this week, underperforming the S&P 500, which dipped 1% during the same period.

The rate spikeInvestors surveyed the Federal Reserve’s quicker-than-expected tightening of policy in 2014, which was resumed on Thursday. The benchmark yield 10-year Treasury note hit a high of 1.75% during the session, rising for a fourth straight day. End 2021, the benchmark rate was 1.51%.

After the announcement, yields rose. Fed issued on Wednesday minutes from its last meetingThis showed that central banks could be even more aggressive in tightening their policy and raising interest rates than they expected.

Goldman pointed out that the selling by hedge funds of tech stocks was almost exclusively driven by long sales. This contrasts with the primarily short-term sales in 2021. Wall Street said that the Wall Street firm stated that software and semiconductor stocks were driving the selling.

Pressure has been felt on many big technology companies. Netflix’s shares fell more than 8% in the past week. Alphabet dropped 4%, and Microsoft fell 6%.