BofA Survey Shows Long Position in Global Semiconductors is the Most Crowded Trade

Bank of America's July global fund manager survey revealed that 82% of the participating fund managers believe that "going long on global semiconductors" is the most crowded trade globally, setting a new record. During the survey period, the allocation to tech stocks decreased from a net overweight of 26% to a net overweight of 18%, indicating that investors are reducing some long positions but have not shifted to short positions. 61% of investors do not expect hyperscalers to cut capital expenditures this year. The survey also pointed out that the AI bubble has become one of the biggest tail risks, with the selection ratio rising from 28% in June to 45% in July. Some investors believe that AI stocks are already in a bubble phase, while more view them as being in a "boom phase," with momentum still attracting capital inflows, but with rising position and valuation risks. The survey was conducted from July 2 to July 9, covering 210 fund managers managing a total of approximately $555 billion.

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