🚨 Investors are rotating within US tech, with semiconductors losing favour.
JPMorgan data shows QQQ attracted about $3.0 billion last week, while Nasdaq 100 futures saw roughly $7.5 billion of net buying.
At the same time, broad tech ETFs saw $3.4 billion of outflows, while semiconductor ETFs SOXL, SMH and SOXX together lost about $3.9 billion.
The four week split is even bigger. QQQ has attracted $15.4 billion, while SOXX has seen $5.6 billion of outflows.
Investors are keeping exposure to large cap Nasdaq names while cutting semiconductor positions, as crowded AI trades and strong previous gains encourage de risking.
JPMorgan data shows QQQ attracted about $3.0 billion last week, while Nasdaq 100 futures saw roughly $7.5 billion of net buying.
At the same time, broad tech ETFs saw $3.4 billion of outflows, while semiconductor ETFs SOXL, SMH and SOXX together lost about $3.9 billion.
The four week split is even bigger. QQQ has attracted $15.4 billion, while SOXX has seen $5.6 billion of outflows.
Investors are keeping exposure to large cap Nasdaq names while cutting semiconductor positions, as crowded AI trades and strong previous gains encourage de risking.