11 The other side

The Stocks Funds Were Leaving Were Last Decade’s Winners

Money that goes into one stock has to come out of another. The list of what funds were backing out of is almost entirely the technology that led the market before artificial intelligence did.

−513

net fund owners lost by Cisco, once Honeywell’s reverse split is set aside

Net sellers Funds that cut, less funds that added
The last cycle’s leaders Other net sellers Reverse split, not selling

What this tells you

Qualcomm

The one chip company on the list, and the one whose chips go into phones rather than data centres.

Cisco, Salesforce

The networking and software names that led the previous cycle. Neither has an obvious place in the new one.

Alphabet

Cut by 2,342 funds in the same quarter Berkshire made it the largest purchase of the year.

Funds were not buying chips in general. They were buying the chips that go into data centres, and selling almost everything that does not.