Retail investors have crowned semiconductor exchange-traded funds the hottest trade of 2026, leaving crypto ETFs with far weaker individual flows. Chip funds absorbed about $3.2 billion in net retail buying since January 2025.

The Kobeissi Letter cited J.P. Morgan equity strategy data through April 29, 2026. Retail buying has more than doubled in 2026 alone, suggesting a structural pivot toward artificial intelligence (AI) equities.

AI Capex Supercycle Powers the Move

Hyperscalers including Microsoft, Amazon, Alphabet, Meta, and Oracle have guided 2026 capital expenditures of $600 billion to $720 billion, according to Kobeissi.

The figure marks a 36% to 70% year-over-year increase. About 75% of that spend funds AI…