According to @KobeissiLetter, the VanEck Semiconductor ETF SMH recorded a weekly inflow of $1.3 billion, surpassing its previous high of $1.2 billion from Q1 2022 and more than doubling this year's weekly average, source: The Kobeissi Letter on X, Nov 12, 2025. At the same time, the 3x leveraged Nasdaq 100 fund TQQQ saw $1.2 billion in net inflows, source: The Kobeissi Letter on X, Nov 12, 2025. US-listed ETFs took in $43.0 billion for the week, lifting year-to-date inflows to a record $1.14 trillion, source: The Kobeissi Letter on X, Nov 12, 2025. The source characterizes investor appetite for tech stocks as extremely strong, underscoring concentrated positioning in semiconductors and leveraged Nasdaq 100 exposure, source: The Kobeissi Letter on X, Nov 12, 2025.