Hedge funds are not too fussed on telecom stocks with a combined short interest of nearly $10 billion in Verizon (NYSE: VZ) and AT&T (NYSE: T). Those stocks combine for 22.6% of the iShares U.S. Telecommunications ETF (NYSEArca: IYZ).

Semiconductor giant Intel (NasdaqGM: INTC) is the most shorted stock on the Goldman list with short interest valued at $5.1 billion.

Four of the aforementioned stocks – IBM, Chevron, Caterpillar and Exxon – are top-10 holdings in DIA. Overall, the Dow stocks on the Goldman list combine for 40.3% of DIA’s weight.

SPDR Dow Jones Industrial Average ETF

Tom Lydon’s clients own shares of GE, Intel, Coca-Cola, Pfizer and Procter & Gamble.