Investor positioning has rarely been this heavily concentrated in tech:
US equity positioning in large-cap tech is up to 1.0 points, the highest since October 2025.
This marks a sharp reversal from -0.4 points seen in late March as the market bottomed.
Large-cap tech positioning is now higher than it has been 97% of the time over the last 16 years.
By comparison, overall equity positioning stands at ~0.4 points, above only 65% of readings since 2010.
This is also roughly in-line with the average seen over the last 3 years.
Investors have rarely been this bullish on tech.
