Semiconductor ETF Under Pressure as 13F Puts Surface and 73% Overweight Signal
Leopold Aschenbrenner's 13F shows new put positions on ASML, AMD, Broadcom, Corning, Intel, Micron, NVIDIA, Oracle, Taiwan Semiconductor and the VanEck Semiconductor ETF as Treasury yields rise and valuations reach bubble-like levels. A May global fund manager survey reports 73% of fund managers overweighted semiconductors, triggering a contrarian sell signal.
1. Bearish 13F Puts on AI-chip Stocks
Leopold Aschenbrenner's hedge fund added new put options on ASML, Advanced Micro Devices, Broadcom, Corning, Intel, Micron, NVIDIA, Oracle, Taiwan Semiconductor and the VanEck Semiconductor ETF at the end of the first quarter. This shift to bearish positioning follows parabolic rallies in AI-chip equities and coincides with rising Treasury yields that heighten valuation risks.
2. Crowded Semiconductor Trade Warning
The May global fund manager survey found that 73% of professional investors are overweight semiconductors, marking the steepest one-month rise in that metric on record. With semiconductor stocks up over 60% year-to-date and equity allocation at a net 50% overweight, the survey's bull and bear indicator has flipped to a contrarian sell signal.