Bank of America survey shows 80% of fund managers call semiconductors the most crowded trade as the chip index hits all-time highs and SMH gains 99% YTD.

The SOX semiconductor index surged 55% in 2026, but Goldman Sachs data shows hedge funds are aggressively selling chip stocks amid AI valuation concerns.

Bank of America survey shows 80% of fund managers call semiconductors the most crowded trade as the chip index hits all-time highs and SMH gains 99% YTD.