Fund Managers Cut Semiconductor Exposure to Lowest Level Since 2012, But AMD Ownership Surges

FomoAnxiety · 2026-03-13T21:15:19+00:00

The semiconductor industry is experiencing cautious investment trends despite increased AI-related demand. Bank of America's report reveals shifting fund manager preferences, with AMD seeing significant ownership growth, while others like Synopsys faced declines.

FomoAnxiety

2026-03-13 21:15:19

Geração do resumo em andamento

The semiconductor industry has been getting a lot of attention from investors as AI spending continues to drive demand for advanced chips. However, new data from Bank of America BAC -0.87% ▼ shows that active fund managers are becoming slightly more cautious about the sector. According to the firm’s February Equity Strategy report, the relative weighting of semiconductor stocks in actively managed portfolios fell to 0.84x, down from 0.89x in January and the lowest level since June 2012. Even so, certain companies continue to attract strong interest, particularly AMD AMD -2.20% ▼ , which has seen a jump in ownership.

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Below are several semiconductor stocks that stood out in Bank of America’s data as managers adjusted their portfolios:

AMD: Fund managers increased their positions by 1,001 basis points quarter-over-quarter. AMD is now owned by 35% of funds, making it the third-most widely held semiconductor stock, behind Nvidia NVDA -1.58% ▼ at 78% and Broadcom AVGO -4.11% ▼ at 74%. However, it still ranks only 15th in relative weight versus the S&P 500 SPY -0.57% ▼ .
Synopsys SNPS -1.45% ▼ : Saw the largest decline in ownership, dropping 406 basis points quarter-over-quarter to 26% of funds. Despite that decline, it remains the second-most-overweight semiconductor stock at 1.71x relative weight, just behind KLA Corp. KLAC +0.64% ▲ at 1.79x.
Lam Research LRCX +1.29% ▲ : Ownership increased by 670 basis points quarter-over-quarter, bringing it to 33% of fund managers and making it the fourth most widely held semiconductor name.
Teradyne TER -0.07% ▼ : Experienced a 28% drop in relative weight quarter-over-quarter, falling to 0.30x from 0.47x in January 2026.
**Micron MU +5.13% ▲ : **Ownership rose to 25% from 18% as memory prices continued to climb, although its relative weight declined 5% quarter-over-quarter to 1.24x, the lowest level in more than a year but still the fifth-highest in the semiconductor group.

The data also showed a clear divide within the semiconductor industry. While compute-related companies such as AMD have gained ownership, analog chip makers have seen reduced exposure from fund managers. On average, analog stocks declined by 51 basis points quarter-over-quarter and by 254 basis points year-over-year.

Which Chip Stock Is the Better Buy?

Turning to Wall Street, out of the stocks mentioned above, analysts think that NVDA stock has the most room to run. In fact, NVDA’s average price target of $273.61 per share implies 51.8% upside potential.

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