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May 19, 2026 12:00 PM

Nvidia, AMD Bulls Beware — Wall Street's Most Crowded Trade Just Flashed A Sell Warning

Bank of America’s May Global Fund Manager Survey landed this week with a finding that should give every semiconductor bull pause.

A record 73% of professional investors now call “long global semiconductors” the most crowded trade on the planet, up from 24% in April, the steepest one-month jump on record in the survey’s history of tracked positioning.

Nvidia Corp. (NASDAQ:NVDA), Advanced Micro Devices Inc. (NASDAQ:AMD), Micron Technology (NASDAQ:MU) and Intel Corp. (NASDAQ:INTC) anchor that crowd. The VanEck Semiconductor ETF (NASDAQ:SMH) and iShares Semiconductor ETF (NASDAQ:SOXX) have led every major U.S. benchmark to records since the March low, and Nvidia reports earnings on Wednesday.

The iShares Semiconductor ETF also recorded 18 straight sessions of gains between March 31 and April 24 and it has rallied more than 60% year-to-date.

BofA May Global Fund Manager Survey: % of investors naming each as #1 most crowded trade

TRADE

MAY 2026

M/M CHANGE

LONG GLOBAL SEMICONDUCTORS

73%

+49 PT

LONG MAGNIFICENT 7

14%

+3 PT

LONG OIL

6%

-18 PT

LONG EMERGING MARKETS

2%

NEW

LONG GOLD

1%

-13 PT

SHORT GLOBAL CONSUMER STOCKS

1%

FLAT

SHORT PRIVATE CREDIT

1%

-8 PT

Data: Bank of America

Bull Capitulation Is ‘Almost Complete’

Fund manager equity allocation surged ...

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