The Kobeissi Letter said in a post on X that the Invesco QQQ Trust, which tracks the Nasdaq-100, has taken in $10.9 billion in net inflows so far in August. That figure is already more than double the $4.9 billion recorded in all of July and above the previous monthly record of $9.2 billion set in March 2022. Based on the current pace, QQQ is on track to post its biggest monthly net inflow on record. At the same time, the VanEck Semiconductor ETF (SMH) has seen $2.8 billion in net outflows so far this month, putting it on pace for the largest monthly outflow in its history. The iShares Expanded Tech-Software Sector ETF (IGV) has also posted about $610 million in net outflows during the same period and may be heading for a third straight month of net redemptions. The Kobeissi Letter said the shift points to capital rotating away from semiconductor and software names and into the broader technology trade.
Odaily reported that The Kobeissi Letter said in a post on X that the Nasdaq-100 ETF, QQQ, has recorded $10.9 billion in net inflows so far in August. The figure is already more than double the $4.9 billion seen in the whole of July, and it has also moved past the previous monthly record of $9.2 billion set in March 2022. On that basis, QQQ could post the highest monthly net inflow in its history.
At the same time, the semiconductor ETF SMH has posted $2.8 billion in net outflows so far in August and could be headed for the largest monthly net outflow on record. The software ETF IGV has also seen about $610 million in net outflows over the same period and may be on track for a third consecutive month of net outflows.
According to The Kobeissi Letter, capital is rotating out of semiconductor and software sectors and into broader technology stocks.
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