BofA: NVIDIA/Broadcom Most Widely Held; Micron and AMD See Sharp Position Increases
nashnova research
BofA's August data shows U.S. active funds lifted their semiconductor overweight to 1.15×, near the ChatGPT-era peak; positions are crowding into compute and memory, meaning any miss in AI demand would trigger concentrated rebalancing pressure.
How overweight are fund managers on semis?
Active funds' relative allocation to semiconductors rose from 1.08× in May to 1.15× in August, closing in on the 1.18× peak set in April 2023.
This means → managers' semiconductor bet is nearly back to the highest level since ChatGPT first broke out.
For comparison, software sits at just 0.92× and IT at 0.99× — semis now lead by a clear margin.
Who is most widely held — and who is nobody's pick?
Nvidia and Broadcom have the broadest ownership among S&P 500 constituents. AMD ranks third at 51% of funds.
At the cold end: Skyworks Solutions is held by only 3% of funds — the lowest in the sector. Microchip is at roughly 6%, ON Semi at about 7%.
In plain terms = money is piling into AI-compute leaders; traditional analog and consumer chip names are almost untouched.
Which sub-sectors are attracting the most inflows?
The three most crowded segments: compute (74%), memory (43%), and semiconductor equipment (40%).
Memory rose 612 basis points month-over-month from July to August; equipment rose 324 bps. Consumer semis fell 121 bps.
This reflects a narrowing from "broad semis" to "direct AI beneficiaries" — compute and memory are the two most certain links.
Which individual names saw the sharpest jumps?
Micron surged 608 bps month-over-month to 50%, vaulting to the fourth most widely held semiconductor stock in a single month.
SanDisk leapt 897 bps to 24% — the largest single-month gain in the sector.
Intel ranks fifth by market cap but only 19th by fund ownership at 21% — This means → managers are still waiting on its turnaround story.
How did the SpaceX IPO shake up semiconductor positions?
To free up cash for the SpaceX IPO, funds sold roughly $4.4 billion of Nvidia and $2.7 billion of Broadcom, with 44 funds trimming each name.
Yet short interest on both stocks is only about 1.2% — In plain terms = this was long-side deleveraging (selling a slice to fund the IPO allocation), not a bearish call.
About 53% of funds now hold SpaceX, showing that a new mega-unicorn is siphoning capital away from semiconductors.
Where do hedge funds and long-only funds diverge?
Hedge funds lean toward Seagate, Teradyne, SanDisk, Synopsys, and Arista Networks — shorter-duration, higher-beta picks.
Long-only funds overweight Skyworks, Western Digital, Marvell, Monolithic Power Systems, Microchip, NXP, KLA, Intel, Corning, and Qualcomm.
This means → with positions this crowded in compute and memory, any shortfall in AI demand would trigger concentrated rebalancing pressure — analog and EDA have been cooling steadily, leaving little buffer.
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