Super Micro Computer’s Crowded Short Bet Could Signal Broader Sector Rotation in New Hazeltree Report

The rise of Super Micro to #1 in the Hazeltree March Shortside Crowdedness Report — alongside tariff talk and tech pullback — suggests short sellers are bracing for a more volatile road ahead.

Amid rising U.S. tariff concerns and tech sector volatility heading into April, Super Micro Computer, Inc. emerged as the most crowded shorted large-cap security in March, according to Hazeltree's latest Shortside Crowdedness Report. The report also highlighted a notable rotation out of tech, as the number of names among the top 10 most crowded shorted large-cap securities fell from eight in February to five in March. Hazeltree, a leader in active treasury and intelligent operations technology for the alternative asset industry, also identified Kering SA and Disco Corporation as the most crowded shorted large-cap stocks in EMEA and APAC, respectively, for the third consecutive month.

The report is a monthly listing of the top 10 shorted securities in the Americas, EMEA, and APAC regions in the large-, mid-, and small-cap ranges. The data is compiled from Hazeltree’s proprietary securities finance platform data, which tracks approximately 15,000 global equities across the Americas, EMEA, and APAC. The data - available to select clients - is aggregated and anonymized from the contributing Hazeltree community, which includes approximately 700 asset manager funds. The securities are assigned a Hazeltree Crowdedness Score, a key metric, which grades securities on a scale of 1 to 99, with 99 representing the highest concentration of shorting activity. This scoring highlights securities most targeted by investors and reflects key supply-demand dynamics.

“We observed signs of the threat of tariffs being telegraphed to the markets during March,” said Tim Smith, Managing Director of Data Insights at Hazeltree. “Our analysis of shorting activity in the Americas suggests that short sellers began reducing their tech exposure in anticipation of the full implementation of tariffs — a potential sign of early repositioning. We also saw short interest broaden beyond technology into sectors like financial services, retail, energy, semiconductors, and telecom.”

Highlights from the March 2025 report include:

Americas

• In the large-cap category, Super Micro Computer, Inc. was the most crowded security with a score of 99 and held the highest institutional supply utilization (49.85%) for the fourth straight month. Chevron Corporation dropped from the most crowded security after two consecutive months to become the second most crowded security with a score of 96.
• In the mid-cap category, Shift4 Payments, Inc. ascended to the top with a Hazeltree Crowdedness Score of 99, while MARA Holdings Inc. held the highest institutional supply utilization figure (84.25%).
• In the small-cap category, JetBlue Airways Corporation became the most crowded security displacing Wolfspeed, Inc. following seven months at the top, with a score of 99. However, Wolfspeed regained the highest institutional supply utilization (83.38%).

EMEA

• In the large-cap category, Kering SA was the most crowded security for the third consecutive month with a score of 99 and H&M had the highest institutional supply utilization (77.68%) for the ninth consecutive month.
• In the mid-cap category, Kingfisher plc was the most crowded security for the second month (99). Davide Campari-Milano N.V. had the highest institutional supply utilization (65.59%).
• In the small-cap category, Alphawave IP Group plc was the most crowded security for the fourth straight month, achieving a score of 99. Eramet S.A. topped institutional supply utilization (74.82%).

APAC

• In the large-cap category, Disco Corporation was one of the most crowded securities with a score of 99 for the third consecutive month. Nongfu Spring Co., Ltd. had the highest institutional supply utilization (35.89%).
• In the mid-cap category, Lasertec Corporation and Kokusai Electric Corporation, were the most crowded securities with a score of 99. Kokusai returned for the third consecutive month as the most crowded security and held the highest institutional supply utilization (72.59%).
• In the small-cap category, Hisense Home Appliances Group Co. Ltd., Osaka Soda Co., Ltd., and Money Forward, Inc. were the most crowded securities (99). KeePer Technical Laboratory Co. Ltd. had the highest institutional supply utilization for the second straight month (71.28%).

To view Hazeltree’s March 2025 Shortside Crowdedness Report and past reports, click here.

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Hazeltree Shortside Crowdedness Report Methodology

The Shortside Crowdedness Report tracks shorting activity in three different metrics:

1. Hazeltree Crowdedness Score: This score represents securities that are being shorted by the highest percentage of funds in Hazeltree’s community in a pre-defined category. The securities are graded on a scale of 1-99, with 99 representing the security that the highest percentage of funds are shorting.
2. Institutional Supply Utilization: This figure represents the percentage of the institutional investors’ supply of a particular security that is being lent out. The institutional supply utilization rate is an indicator of how “hot” a security is in terms of the supply-demand dynamic. It is possible to see 100% utilization of a security’s availability, making it difficult to establish new short positions.
3. Hazeltree Community Borrow Fee: This figure is the average weighted fee for what funds in the Hazeltree community are paying to borrow a security. The fee is represented as the annualized cost calculated as a percentage of the price of the security.

About Hazeltree

Hazeltree is a leader in active treasury and intelligent operations technology. Purpose-built for the alternative asset management ecosystem, Hazeltree’s modular platform aggregates internal and external data, providing a comprehensive view of operations and counterparty relationships while proactively highlighting opportunities to extract more value from every transaction. Hazeltree is headquartered in New York with offices in London, Bournemouth, and Hong Kong. For more information, please visit www.hazeltree.com.

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