Based on 25 hedge funds · latest filing: 2026 Q2 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their SPAI positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 86% of 3.0Y peak
86% of all-time peak
25 funds currently hold this stock — 86% of the 3.0-year high of 29 funds (reached 2026 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
🚀
Fast accumulation — +400% more funds vs a year ago
fund count last 6Q
+20 new funds entered over the past year (+400% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟠
More sellers than buyers — 41% buying
11 buying16 selling
Last quarter: 16 funds reduced or exited vs 11 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
⚠️
Fewer new buyers each quarter (-7 vs last Q)
new funds entering per quarter
Funds opening this position for the first time: 16 → 6 → 11 → 4. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔄
Mostly new holders — 60% entered in last year
■ 0% conviction (2yr+)
■ 40% medium
■ 60% new
Only 0 funds (0%) have held >2 years. The majority of current holders are relatively new to the position. New holders tend to sell faster when prices drop — a shallow conviction base that could amplify any sell-off.
📊
Peak discovery — momentum slowing
1 → 16 → 6 → 11 → 4 new funds/Q
New funds entering each quarter: 16 → 6 → 11 → 4. SPAI is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🌱
Early stage — 84% of holders entered in last year
■ 0% veterans
■ 16% 1-2yr
■ 84% new
Of 25 current holders: 21 (84%) entered in the past year, only 0 (0%) are 2+ year veterans. This is an early-phase institutional idea — still being discovered. High upside potential if the thesis plays out, but thin conviction base.
📋
Smaller funds dominant — 18% AUM from top-100
18% from top-100 AUM funds
9 of 24 holders rank in the top 100 by AUM, but together hold only 18% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
5.6
out of 10
Moderate Exit Risk
Exit risk score 5.6/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.