Tech funds just pulled in $131 billion year-to-date. That's already $50 billion more than the previous full-year record set in 2025.

If this pace holds, we're looking at $216 billion by year-end. Fourth straight year of increases.

Meanwhile, US equity funds added another $9.6 billion last week, tracking toward $652 billion for 2026—another all-time high.

The money is pouring in. The question isn't whether there's demand. It's what happens when everyone's already in the pool.