Bank of America: Long-only funds sold $44.4B semis last month

The scale of the selling points to a broader de-risking of the AI trade rather than a single-sector adjustment, with valuation and volatility concerns cited as the trigger. What matters is that long-only funds, typically slower to move than hedge funds, are the ones trimming — that suggests positioning, not just sentiment, is shifting. Whether this marks a rotation into other RWA-adjacent assets or simply a pause in semiconductor exposure is the open question worth tracking.