ORBIS Insight

The US tech trade is quietly coming back to life — and this time, it feels more selective, not euphoric. After January’s brutal “software-mageddon” sell-off, #USTechFundFlows are showing a clear re-rotation into high-conviction AI and semiconductor names. As of February 10, 2026, US technology funds just recorded $6 billion in weekly inflows, the strongest demand in nearly two months. That’s not panic buying — it’s calculated positioning. What’s interesting is the context. While equities pulled in $34.6 billion overall, investors are still sitting on almost $9.1 trillion in money market funds. Capital is moving, but cautiously. This isn’t a full risk-on switch — it’s targeted exposure. The drivers are clear. First, the AI bond wave. Giants like Google are funding real infrastructure, not slideshows, with nearly $260 billion raised across high-tech bonds since late 2025. Second, January’s volatility reset valuations, creating what analysts now call “digestible entry points.” Third — and most important — investors are rotating away from AI hype toward companies with verifiable inference workloads and real usage. Software is stabilizing. Chips remain the anchor. ETFs like IYW and XLK still show modest YTD drawdowns, but positioning suggests accumulation, not distribution. This doesn’t look like the start of a mania. It looks like smart money rebuilding exposure — one allocation at a time.