Recent reports from Jin10 indicate that the rally in tech stocks is losing momentum, with the volatility gap between the Nasdaq 100 and the S&P 500 widening to its highest level since the 2008 financial crisis. This surge is driven by an increased willingness among traders to buy Nasdaq put options, reflecting growing concerns about a potential pullback in AI-related stocks. Semiconductor ETF (SMH) fell more than 5% on Thursday, confirming a weakening trend in previously hot tech names. While call option activity has cooled, it remains elevated. Analysts warn that if the tech correction deepens, the risk-off sentiment could spill over into cryptocurrency markets, amplifying short-term volatility.

According to The Kobeissi Letter, since April, US gold and Bitcoin-related ETFs have witnessed cumulative net outflows of approximately $12 billion, while semiconductor ETFs attracted around $20 billion in net inflows, signaling a clear rotation toward tech-growth sectors. The trend accelerated in mid-May: outflows from gold and Bitcoin ETFs more than tripled, while inflows into semiconductor ETFs doubled. In market performance, GLD dropped ~13%, IBIT fell ~12%, while SOXX surged ~81% and SMH jumped ~60%. Analysts attribute this to a pronounced risk-on shift, with retail capital moving from safe-haven and crypto assets into high-growth semiconductor and AI sectors.

The Kobeissi Letter 最新分析显示，自4月以来美国黄金与比特币相关ETF累计净流出约120亿美元，而半导体ETF净流入约200亿美元。5月中旬趋势加速：黄金/比特币ETF流出增长三倍，半导体流入翻倍。GLD下跌13%，IBIT下跌12%，SOXX大涨81%，SMH涨60%。分析指出散户资金正从避险资产和加密资产大规模转向半导体与AI板块，风险偏好切换明显。

Since April, US gold and Bitcoin ETFs have experienced cumulative net outflows of approximately $12 billion, while semiconductor ETFs have attracted around $20 billion in net inflows. The trend accelerated in mid-May: outflows from gold and Bitcoin ETFs more than tripled, while inflows into semiconductor ETFs doubled. In terms of performance, the largest gold ETF GLD fell about 13% and the Bitcoin ETF IBIT dropped 12% over the same period, while semiconductor ETFs SOXX and SMH gained roughly 81% and 60% respectively. Analysts attribute this to a clear shift in risk appetite, with retail investors rotating from safe-haven and crypto assets into high-growth semiconductor and AI-related sectors at an unprecedented pace.

According to The Kobeissi Letter, U.S. gold and Bitcoin-related ETFs have seen net outflows totaling approximately $12 billion since April 2026, while semiconductor ETFs attracted $20 billion in net inflows. The trend accelerated in mid-May, with outflows from gold and Bitcoin ETFs more than tripling and semiconductor ETF inflows doubling. The largest gold ETF, GLD, fell about 13% since early April, while the Bitcoin ETF IBIT dropped 12%. In contrast, semiconductor ETFs SOXX and SMH surged 81% and 60%, respectively. This risk-on shift indicates retail capital is rapidly moving from safe-haven assets and crypto assets into high-growth semiconductor and AI-related stocks, driving the market in an unprecedented manner.

According to The Kobeissi Letter, since April, US gold and Bitcoin-related ETFs have seen cumulative net outflows of approximately $12 billion, while semiconductor ETFs recorded net inflows of about $20 billion. The trend accelerated in mid-May: gold and Bitcoin ETF outflows more than tripled while semiconductor ETF inflows doubled. Gold ETF GLD fell 13%, Bitcoin ETF IBIT dropped 12%, while semiconductor ETFs SOXX and SMH surged 81% and 60% respectively. Retail capital is rotating from safe-haven and crypto assets into high-growth semiconductor and AI sectors.

自4月以来，美国黄金与比特币相关ETF累计净流出约120亿美元，而半导体ETF则净流入约200亿美元，资金明显向科技成长板块集中。5月中旬趋势加速：黄金与比特币ETF流出规模增三倍，半导体ETF流入翻倍。全球最大黄金ETF GLD下跌约13%，比特币ETF IBIT下跌约12%，而半导体ETF SOXX与SMH分别上涨81%与60%。分析指出，散户资金正从避险资产与加密资产涌向半导体与AI相关板块，推动市场格局变化。

According to The Kobeissi Letter, US gold and bitcoin-related ETFs have seen cumulative net outflows of approximately $12 billion since April 2026, while semiconductor ETFs recorded net inflows of about $20 billion over the same period. The trend accelerated in mid-May, with outflows from gold and bitcoin ETFs tripling and inflows into semiconductor ETFs doubling. Price performance shows GLD down ~13%, IBIT down ~12%, while SOXX and SMH surged ~81% and ~60% respectively. The market is experiencing a clear risk-on shift, with retail capital rapidly moving from safe-haven and crypto assets into high-growth semiconductor and AI sectors.