US technology funds saw a $9 billion inflow last week, the largest weekly inflow ever recorded.
The previous record was posted in Q1 2023 and amounted to ~$8.5 billion.
According to Bank of American, Long Magnificent 7 has been the most crowded trade for 15 consecutive months.
As a result, the Magnificent 7 have exceeded $15 trillion market cap for the 1st time in history.
Currently, the Magnificent 6 account for a record 32% of the S&P 500.
Is the tech trade getting too crowded?
US technology funds saw a $9 billion inflow last week, the largest weekly inflow ever recorded.
The previous record was posted in Q1 2023 and amounted to ~$8.5 billion.
According to Bank of American, Long Magnificent 7 has been the most crowded trade for 15 consecutive months.… pic.twitter.com/W456merMWe
— The Kobeissi Letter (@KobeissiLetter) June 21, 2024