BofA Survey Warns Nvidia Bulls as Semiconductors Hit Record Crowded Trade
Bank of America’s May Global Fund Manager Survey shows a record 73% of investors now name long global semiconductors the most crowded trade, up sharply from 24% in April. This extreme positioning follows a blistering rally that lifted the iShares Semiconductor ETF more than 60% year-to-date with 18 straight gains, while fund-manager equity allocations surged from net 13% to net 50% overweight. BofA’s Bull & Bear Indicator at 7.8 now sits just below the firm’s 8.0 pullback threshold, flagging elevated risk of profit-taking for Nvidia, AMD and peers.