Data from JPMorgan Delta-One shows that risk appetite in US stocks rebounded last week, but fund flows within the AI sector began to diverge significantly. Semiconductor ETFs saw a net inflow of approximately $3.3 billion, while DRAM-related products experienced a net outflow of approximately $900 million, marking the first weekly outflow since the product's inception. Leveraged ETFs also attracted approximately $800 million, with about $600 million flowing into SOXL; South Korean-related assets saw an outflow of about one standard deviation.
These changes indicate that funds have not completely withdrawn from AI trading, but rather are re-selecting their direction within the sector. Previously stronger-performing sectors such as memory and South Korean "new AI" chains have begun to experience profit-taking, with funds flowing back into the broader traditional semiconductor sector. Meanwhile, Nasdaq 100 futures still recorded net buying of nearly two standard deviations, indicating that overall risk appetite for technology stocks remains.
