Since April, the flow shift suggests retail investors may be moving from perceived hedges into chip-sector funds tied to the artificial intelligence trade.
U.S. fund flows since April point to a notable rotation in investor positioning, with gold and Bitcoin ETFs recording a combined $12 billion in cumulative outflows while U.S. semiconductor ETFs attracted $20 billion in cumulative inflows. The move suggests retail investors may be shifting capital away from traditional and alternative store-of-value trades and toward semiconductor stocks, a segment that has been a key market proxy for artificial intelligence enthusiasm.