[Leverage Funds Did Not Re-enter During Semiconductor Rebound] Deep Tide TechFlow reports that on August 14, semiconductor prices rebounded from their late July lows, but Goldman Sachs observed that leverage funds did not simultaneously increase their positions. The total asset size of U.S. leveraged semiconductor ETFs has dropped from a peak of approximately $157 billion to about $99 billion. During the initial decline in July, funds had clearly bottom-fished against the trend, with Goldman Sachs estimating that there was an additional long position of about $15 billion beyond what price changes could explain. However, after entering August, the situation reversed. Goldman Sachs pointed out that the recovery in leveraged ETF asset size this month has been primarily driven by market value growth due to rising underlying prices, while there has still been redemption of shares and selling activity. In other words, prices are recovering, but high-beta funds have not resumed chasing the rally. At the same time, although the implied volatility of AI-related assets has declined rapidly, it remains at extremely high levels relative to the non-AI market since 2023, making the cost of re-establishing large-scale AI long positions still relatively high. This is one of the key reasons why the pace of this semiconductor rebound is weaker than previous ones. (Jin10)