Bank of America survey shows semiconductors remain top crowded trade for fourth straight month

For the fourth consecutive month, global fund managers have named long semiconductors as the single most crowded trade in markets. Bank of America’s Global Fund Manager Survey, a closely watched barometer of institutional sentiment, shows that 53% of respondents flagged the position in September, unchanged from August. That number sounds dominant until you look at where it was two months ago. In July, 82% of surveyed managers called long semis the most crowded trade. The drop from 82% to 53% in the span of two months tells a story of conviction slowly leaking out of the room, even as no one is willing to actually leave. The anatomy of a crowded trade The semiconductor trade didn’t become the consensus overnight. In April 2026, roughly 25% of fund managers identified it as the most crowded position. By May, that figure had nearly tripled to 73%. It hit 80% in June before peaking at 82% in July. The June survey drew responses from 198 managers overseeing $540 billion in assets. July’s edition was slightly larger, with 210 managers representing $555 billion. The underlying catalyst is familiar: AI-driven chip demand from the likes of Nvidia, AMD, and Taiwan Semiconductor has turned th...