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Odaily News - The Kobeissi Letter posted on X stating that the Nasdaq 100 ETF (QQQ) has recorded net inflows of $10.9 billion so far in August, more than double the $4.9 billion seen in all of July and surpassing the monthly record of $9.2 billion set in March 2022, potentially marking the highest monthly net inflow in history.Meanwhile, the Semiconductor ETF (SMH) has seen net outflows of $2.8 billion so far in August, potentially on track for the largest monthly outflow on record; the Software ETF (IGV) recorded approximately $610 million in net outflows over the same period, potentially marking a third consecutive month of net outflows. Capital is rotating from the semiconductor and software sectors into broader tech stocks.
The Kobeissi Letter posted an analysis pointing out that 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 over the same period, with capital clearly concentrating on tech growth sectors. This trend accelerated further in mid-May: outflows from gold and Bitcoin ETFs more than tripled, while inflows into semiconductor ETFs doubled. In terms of market performance, the world's largest gold ETF, GLD, has fallen about 13% since early April, while the Bitcoin ETF IBIT has dropped approximately 12% over the same period. In contrast, semiconductor ETFs SOXX and SMH have risen by roughly 81% and 60%, respectively. The analysis suggests that the current market exhibits a clear "risk appetite shift," with retail capital accelerating its flow from safe-haven assets and crypto assets into high-growth semiconductor and AI-related sectors, driving the market in an unprecedented manner.