JP Morgan data show a clear bifurcation within US tech flows over the past week. QQQ drew about $3.0bn and Nasdaq-100 futures saw roughly $7.5bn net buying, while broad tech ETFs had about $3.4bn of outflows; semiconductor ETFs SOXL, SMH and SOXX together shed roughly $3.9bn. The split is larger over four weeks: QQQ cumulative inflows total $15.4bn versus $5.6bn of outflows from SOXX; last week SOXX and SMH lost $2.1bn and $1.3bn respectively. Investors are keeping exposure to large-cap Nasdaq n

JP Morgan data show a clear bifurcation within US tech flows over the past week. QQQ drew about $3.0bn and Nasdaq-100 futures saw roughly $7.5bn net buying, while broad tech ETFs had about $3.4bn of outflows; semiconductor ETFs SOXL, SMH and SOXX together shed roughly $3.9bn. The split is larger over four weeks: QQQ cumulative inflows total $15.4bn versus $5.6bn of outflows from SOXX; last week SOXX and SMH lost $2.1bn and $1.3bn respectively. Investors are keeping exposure to large-cap Nasdaq names while trimming semiconductor positions — semiconductors remain central to the AI theme but crowded positioning and prior gains have prompted de-risking. If QQQ continues to attract funds while semiconductor outflows persist, intra-tech performance dispersion could widen.