Investors have piled into supermarkets, energy companies and manufacturers this year in an anything-but-tech trade that has powered a violent rotation beneath the surface of the US stock market.
US equity funds focused on shares outside the tech sector have attracted $62bn of inflows over the past five weeks, eclipsing the $50bn that investors added to such funds in the whole of 2025, Deutsche Bank data shows.
The flows have boosted a raft of previously out-of-favour sectors, while many of last year’s best-performing companies have struggled as Wall Street’s AI boom takes a pause and investors worry about the technology’s impact on the software industry.
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