The semiconductor trade is hot. 53% of global fund managers said "long global semiconductors" was the most crowded trade, according to a BofA survey conducted between September 4th and September 10th. This marks the 4th consecutive month with semiconductors at the top spot. This comes despite 33% of those surveyed saying that companies are overinvesting, the highest proportion on record. Meanwhile, “Short Treasuries” ranked 2nd for the first time, with 18% of respondents identifying it as the most crowded trade. As a result, just 7% of respondents saw the "long Magnificent 7" trade as the most crowded. This follows 23 consecutive months in which the trade held the top spot between 2023 and 2025, peaking at ~70% in June 2024. Semiconductor stocks continue to attract strong investor interest.