Bank of America says the semiconductor selloff is a bear trap and names seven stocks poised to benefit from the $1.5 trillion AI buildout.

The PHLX Semiconductor Index sank 12% in two sessions while the Dow hit a record. Investors are rotating from AI chips to software as Q2 earnings approach.

Chip stocks lost 12% in two days as profit-taking and mixed signals from Broadcom and SK Hynix rattled the AI trade. Bitcoin fell too.