Institutional Capital Exits Software and Semiconductors

Companies

• NVDA
• MSFT
• AAPL
• AMZN
• GOOGL

Article body

Institutional capital exited Software & Cloud and Semiconductors at a steep pace during the first quarter of 2026. Software & Cloud saw a net rotation of -$293.81 billion, while Semiconductors recorded a net rotation of -$122.55 billion.

Concentration in these exits centered on a few dominant issuers. Microsoft Corp (MSFT) accounted for $104.21 billion of absolute rotation in Software & Cloud, and Nvidia Corp (NVDA) drove $113.57 billion of absolute rotation in Semiconductors. Amazon.com Inc (AMZN) also saw significant movement within Software & Cloud, with $71.55 billion in absolute rotation.

Other sectors faced similar outflows. Financial Services recorded a net rotation of -$128.66 billion, and Retail & Consumer fell by -$86.63 billion. Communications & Media and Healthcare & Pharma followed with net rotations of -$85.32 billion and -$82.61 billion, respectively.

Energy and Utilities provided the only positive offsets. Energy recorded a net rotation of $29.58 billion, led by $16.63 billion of absolute rotation in Exxon Mobil Corp (XOM). Utilities saw a net rotation of $5.47 billion, with Constellation Energy Corp (CEG) accounting for $15.32 billion of absolute rotation.

Citations

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