BofA survey finds 53% call semiconductors most crowded trade, fourth month

A Bank of America survey of global fund managers conducted from September 4 to September 10 shows semiconductors remain the most crowded trade for the fourth consecutive month. Investors continue to favor semiconductor exposure despite rising concerns about overinvestment.

- 53% identified long global semiconductors as the most crowded trade
- 33% said companies are overinvesting in semiconductors, the highest share on record
- Short Treasuries ranked second for the first time, with 18% citing it as the most crowded trade
- Only 7% viewed long Magnificent 7 as the most crowded trade, after 23 consecutive months at the top between 2023 and 2025, which peaked near 70% in June 2024
- Semiconductor stocks continue to attract strong investor interest

Source: Bank of America Global Fund Manager Survey, cited by The Kobeissi Letter.