Retail Radar May 13 - Software vs Semis Positioning

研报英文原文证据摘录

Retail Radar May 13 - Software vs Semis Positioning

J P M O R G A N Global Markets Strategy

14 May 2026

Retail Radar

May 13 - Software vs Semis Positioning

As we will be hosting our flagship NY Quantitative & AI Conference on May 19-20, Equity Strategy and Quantitative

there will be no edition of the Retail Radar next week. If you are attending, we look Research

forward to seeing you there in person. Arun Jain AC

(1-212) 622-9454

Retail Trading Activity Overview arun.p.jain@jpmorgan.comJ.P. Morgan Securities LLC

Shizuka Suga, CFA AC

• Last week’s stronger retail buying proved short-lived, with purchases (1-212) 622-2134

moderating again this week to just below their 12m average, as markets look shizuka.suga@jpmorgan.com

ahead to the Trump–Xi meeting beginning tomorrow. Both ETF and single J.P. Morgan Securities LLC

stock purchases were moderate, tracking around the 55%ile vs the past year’s Ana Pous Avila

history. (1-212) 622-0496

ana.pousavila@jpmorgan.com

• Within ETFs, Tech-related names continued to be popular (e.g. QQQM: 4.2z J.P. Morgan Securities LLC

and KWEB: 5.3z, Figure 8DailyRetailImbalanceinKWEB), although overall at lower volumes (see Equity William Matheson

Sector ETFs in Figure 15RetailETFActivitybyThemes). Attention shifted toward copper, which continued (1-212) 622-9538

to climb amid a rebound in Chinese demand, strong AI-driven fundamentals, william.matheson@jpmchase.com

and rising supply risks—most notably around Middle Eastern sulfur. Retail J.P. Morgan Securities LLC

investors quickly traded around the theme, recording their largest single-day Khuram Chaudhry

purchase in COPX on Tuesday (+6.7z), followed by profit-taking on (44-20) 7134-6297

Wednesday (-3.4z, Figure 10DailyRetailImbalanceinCOPX). khuram.chaudhry@jpmorgan.com

J.P.