The S&P 500 and Nasdaq have gone almost nowhere for the past two months. But, over $3.2T has rotated between Big Tech and semiconductor stocks. Here's what's happening: - The Magnificent Seven have added $1.5T in market value this month - Semiconductor stocks (excluding $NVDA) have lost nearly $1.7T - 44 of 51 software stocks are higher in July, with a median gain of around 6% - The median semiconductor stock is down nearly 20%. The AI trade isn't disappearing. It's rotating from crowded chip stocks into software and mega-cap tech. The next big catalyst? Earnings season If Big Tech delivers, the rally could continue. If not, these multi-month ranges may finally break.