Retail investors appear to be rotating away from gold and Bitcoin ETFs and into semiconductor funds as artificial intelligence and chip exposure keep drawing capital from other major market themes. Since April, U.S. gold and Bitcoin ETFs have posted about $12 billion in cumulative outflows. Over the same period, U.S. semiconductor ETFs have attracted about $20 billion in cumulative inflows, creating one of the clearest flow splits between defensive assets, crypto exposure and AI-linked equity products.