AI Hardware Out, Software In

Money is leaving AI hardware for software. But chip estimates are still rising. Tech stocks $1B+.

Group	Flows in / out	% in bear market	% with rising EPS estimates
Software	27 / 7	40%	40%
Internet & Data Services	1 / 16	62%	54%
Chipmakers	8 / 0	82%	66%
Chip Equipment	0 / 2	87%	53%

Source: MoneyFlows