AMDW

BofA & UBS are advising clients to buy AI momentum stocks:

BofA - August is historically the best month for their basket of momentum names such as $AMD(AMD.US), $Sandisk(SNDK.US) and $Micron Tech(MU.US).

UBS - "Improving AI fundamentals are a signal to buy the dip."

According to UBS' brokerage data, hedge funds have cut long positions in US semis by ~5% of gross market value (one of the biggest reductions on record).

Which has resulted in net positioning in semis at Q1 levels, leading to both BofA and UBS positioning themselves as more bullish than earlier on.

Probably because of the downside momentum unwind / profit taking easing up now.

Cool to see institutional trading desks broadly align with retail sentiment on X.

With many AI names now back at more compelling levels.