[Macro on Microchips] Broad Gains in Semis, But Still No Conviction Trade

Fund Flows Defy Price Action in Cautious Semiconductor Rally.

Semiconductor stocks rallied last week, with SOXX gaining nearly 7%. But the move came with a notable absence of risk-on signals: volatility stayed low, fund flows remained negative, and positioning was more hedged than directional.

In this edition, we unpack Broadcom’s evolving AI infrastructure strategy, explore how AMD is repositioning through targete…