Data from JPMorgan's Delta-One team shows that U.S. stock market risk appetite rebounded last week, but internal capital flows within AI began to show significant divergence. Semiconductor ETFs saw a combined net inflow of approximately $3.3 billion, while DRAM-related products experienced a net outflow of about $900 million, marking the first weekly outflow since these products were launched. Leveraged ETFs also attracted approximately $800 million, with around $600 million flowing into SOXL. Meanwhile, Korean-related assets saw capital outflows equivalent to about one standard deviation. These changes indicate that funds have not entirely exited AI trades but are instead reallocating internally. Previously stronger segments like memory and Korea's "new AI" chains are facing profit-taking, with capital shifting back to more broadly covered traditional semiconductors. Additionally, Nasdaq 100 futures still recorded net buying close to two standard deviations, suggesting that overall risk appetite for tech stocks remains intact.