The semiconductor trade extremely popular:
80% of global fund managers said in early June that "long global semiconductors" is the most crowded trade, according to a BofA survey.
This marks the 2nd consecutive month that semiconductors have topped the list.
This is also the 2nd-highest reading since data began in 2014, surpassed only by "long US tech" in October 2020, at 82%.
At the same time, just 12% of respondents said "long Magnificent 7" is the most crowded trade.
That trade held the top spot for 23 consecutive months in 2023-2025 and peaked at ~70% in June 2024.
Semiconductor stocks have never been hotter.
According to a BofA survey, 80% of global fund managers consider 'long global semiconductors' the most crowded trade, marking the second consecutive month at the top and the second-highest reading since 2014. Meanwhile, the 'long Magnificent 7' trade has dropped significantly in crowdedness.
关键要点
80% of global fund managers view 'long global semiconductors' as the most crowded trade, the second-highest reading since 2014.
Only 12% of respondents consider 'long Magnificent 7' as the most crowded trade, a sharp decline from its peak of ~70% in June 2024.
Semiconductor stocks are currently experiencing unprecedented popularity and positioning among fund managers.
