Investor Positioning in Large-Cap Tech at Highest Since October 2025
Investor positioning in US large-cap tech has surged to 1.0 points, the highest since October 2025, after reversing from -0.4 points in late March. The current level exceeds 97% of all readings over the past 16 years.
According to recent data, US equity positioning in large-cap technology stocks has reached 1.0 points, marking the highest level since October 2025. This represents a sharp reversal from the -0.4 points seen in late March, when the market was bottoming.
Large-cap tech positioning now sits above 97% of all observations over the last 16 years. In contrast, overall equity positioning stands at approximately 0.4 points — above only 65% of readings since 2010 and roughly in line with the three-year average.
The data highlights a rare degree of investor conviction in the tech sector, with concentration levels surpassing nearly all historical precedents since 2009.
Source: The Kobeissi Letter