BofA Survey: Long Semiconductors Most Crowded Trade for Second Month
80% of global fund managers say long global semiconductors is the most crowded trade, per BofA's June survey, marking the second-highest reading since data began in 2014.
A Bank of America survey of global fund managers conducted in early June reveals that 80% of respondents identify "long global semiconductors" as the most crowded trade. This is the second consecutive month that semiconductors have topped the list and the second-highest reading since the survey began in 2014.
The record high remains "long US tech" in October 2020 at 82%. Meanwhile, only 12% of respondents now consider "long Magnificent 7" the most crowded trade, a category that had held the top spot for 23 consecutive months from 2023 to 2025, peaking at approximately 70% in June 2024.
The data highlights an extreme level of consensus in semiconductor stocks, a level historically seen only during the peak of the 2020 tech rally.
Source: The Kobeissi Letter