The semiconductor trade is hot. 53% of global fund managers said "long global semiconductors" was the most crowded trade, according to a BofA survey conducted between September 4th and September 10th. This marks the 4th consecutive month with semiconductors at the top spot. Th
Why now
Thesis: Record crowding in long semis raises positioning unwind vulnerability
Catalyst to watch: BofA fund manager survey updates
Main risk: Positioning unwind could hit semis
Why it matters
Record crowding in long semis plus record overinvestment concerns raises vulnerability to positioning unwind.
Details
The semiconductor trade is hot. 53% of global fund managers said "long global semiconductors" was the most crowded trade, according to a BofA survey conducted between September 4th and September 10th. This marks the 4th consecutive month with semiconductors at the top spot. This comes despite 33% of those surveyed saying that companies are overinvesting, the highest proportion on record. Meanwhile, “Short Treasuries” ranked 2nd for the first time, with 18% of respondents identifying it as the most crowded trade. As a result, just 7% of respondents saw the "long Magnificent 7" trade as the most crowded. This follows 23 consecutive months in which the trade held the top spot between 2023 and 2025, peaking at ~70% in June 2024. Semiconductor stocks continue to attract strong investor interest.
Related assets & topics
SemiconductorsNVIDIA · NVDASemiconductors ETF · SMHiShares Semiconductor ETF · SOXXAISources
- x · 2026-09-19 22:53 UTC