Flows are rotating into Tech-Driven Software & Infrastructure while Communication Equipment weakens

🇺🇸 Equities are seeing a notable shift toward sector-specific inflows, but caution is warranted as broad participation remains limited. The day’s flow snapshot shows 189 inflows against 149 outflows, yet the largest single exit is from Communication Equipment, led by $NOK (Nokia Corporation Sponsored) with a -$29M flow. Meanwhile, the dominant inflow is into Tech-Driven Software & Infrastructure, led by SAIL with a +$132M flow, suggesting a concentrated move rather than widespread conviction. This divergence underscores a market still driven by select themes rather than broad-based strength. The inflow into software infrastructure confirms that the tech sector’s leadership persists, but the exit from Communication Equipment highlights underlying sector-specific risks. Next, watch whether inflows into SAIL sustain or if broader sector participation picks up, which would be needed to confirm a more durable shift.