If the S&P Rolls Over, Chips Could Feel More Pain
We are seeing what a crowded trade unwind looks like.
Semi ETF inflows went parabolic this year with $46B coming in <7 months YTD.
This is more than the previous 9 years COMBINED.
Now, it’s unwinding.
$iShares Semiconductor ETF(SOXX)$ $VanEck Semiconductor ETF(SMH)$ $Roundhill Memory ETF(DRAM)$ $Philadelphia Semiconductor Index(SOX)$
“Trump has to do something soon”
Trump doesn’t care about AI Bubble stocks getting torched.
The SPX is down ~2.4%.
CTAs haven’t even started selling yet.
If the $S&P 500(.SPX)$ starts to roll over, this will become another big headwind for stocks.
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