BREAKING: The Nasdaq 100 ETF, QQQ, has attracted +$10.9 billion in inflows so far in August, now on track for its largest monthly inflow on record. This is already more than double the +$4.9 billion recorded during the full month of July. By comparison, the previous monthly record was set in March 2022, at +$9.2 billion. Meanwhile, the semiconductor ETF, SMH, has seen -$2.8 billion in outflows month-to-date, putting it on track for its largest monthly withdrawal on record. At the same time, the software ETF, IGV, has posted -$610 million in outflows so far in August, on pace for its 3rd consecutive monthly outflow. Investors are rotating from semiconductors and software into the broader tech sector.(The Kobeissi Letter)