Retail investors appear to be rotating out of gold and Bitcoin into semiconductor stocks: Since April, US gold and Bitcoin ETFs have posted -$12 billion in cumulative outflows. Over the same period, US semiconductor ETFs have attracted +$20 billion in cumulative inflows. This trend accelerated in mid-May, with outflows from gold and Bitcoin funds more than tripling. At the same time, inflows into semiconductor ETFs have doubled. Meanwhile, the largest US gold-backed ETF, GLD, is down -13% since the start of April, while the largest Bitcoin ETF, IBIT, is down -12%. Over the same period, the semiconductor ETFs, SOXX and SMH, are up +81% and +60%, respectively. Retail is driving markets like never before.(The Kobeissi Letter)