A Bank of America survey conducted from September 4 to 10 found that 53% of global fund managers still view being long global semiconductors as the most crowded trade, marking the fourth straight month at the top. According to ChainCatcher, 33% of respondents said related companies are overinvested, the highest share on record.

Shorting government bonds rose to second place for the first time, with 18% of respondents naming it the most crowded trade. Only 7% said being long the Magnificent 7 was the most crowded trade.

The semiconductor trade had previously ranked first for 23 consecutive months between 2023 and 2025 and reached a peak of about 70% in June 2024. Semiconductor stocks continue to draw investor attention.