Two trillion wiped from Big Tech. Two trillion added to chips. Same month.
This Week's Briefing
The headlines said Big Tech was melting down but the data tell another story.
S&P up 9.5%. Nasdaq up nearly 13%. Russell 2000 best first half since 1991.
The money just moved down the stack.
One thing worth keeping an eye on though is hedge funds sold tech at the fastest pace in a decade and retail bought the shortfall.
That's combination that has historically been a top of market signal.
Not panicking just yet, just noting it.
Find our latest episode here:
Key Takeaways
- The first half of 2025 was one of the best in decades
- It didn't leave. It moved down the stack.
The Bigger Picture
- Hedge funds sold tech at the fastest pace in a decade
- Capital is moving to where the AI money actually ends up
Why it matters
“The data told a different story to the headlines this month.”