Flows are rotating into EGO while ONTO weakens

🇺🇸 A clear shift away from $ONTO (Onto Innovation Inc.) signals a narrowing in trader interest, with a notable $95M exit marking the largest outflow today. Meanwhile, inflows are concentrated around EGO, which attracted $40M, suggesting a pivot from broad themes to a focus on specific leaders. The overall flow count favors inflows at 217 versus 165 outflows, but the dominant move is a significant exit from ONTO. The outflow from ONTO and related semiconductor wireless tech names underscores a risk-off tone, even as EGO and WEC draw fresh bids. This divergence indicates traders are shedding some of the more crowded themes while honing in on select stocks with perceived relative strength. The next confirmation will be whether EGO can sustain its inflow momentum and hold above recent levels, signaling genuine rotation rather than a fleeting shift.