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Explore where global fund managers see the strongest consensus, how it has changed and what could challenge it.
Survey responses measure perceived crowding, not portfolio weights or short interest.
Semiconductors: share of survey responses
Bar lengths use the same 0–100% scale.Cash is reported as a portfolio weight; compare it separately from the net survey balances.
Explore short interestThese views describe different things: survey consensus and open short positions. Neither is a trading signal on its own.
Net underweight ← 0 → Net overweight
Net balance = overweight respondents minus underweight respondents. Negative values indicate net underweight. These are not asset weights.
AI compute, memory and hyperscaler capex have compressed a broad industry thesis into one consensus position.
The move into second place reflects a growing consensus that long-dated yields can remain structurally high.
Mega-cap leadership is still recognised as crowded, but the survey gap versus semiconductors remains wide.
Risk has shifted toward bonds: a disorderly rise in yields overtook the AI bubble, while short Treasuries entered the crowded-trade ranking at #2.
Crowding is not a timing signal. The useful question is whether earnings revisions and capex proof are still outrunning the expectations embedded in the position.
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