Citrini cut AI hardware exposure from >50% to <10% in June, before the semi rout

citrini · x · 2026-11-05

Citrini Research pushed back at critics by sharing its June reports and performance chart, showing it warned about the crowded AI trade months early.

Its June report flagged the AI trade as crowded, with high "AI exhaustion" risk and likely rotation out of semis
Back in March it noted the semiconductor industry's market value had doubled in two months on token-growth hype, calling the narrative "beginning to hit a wall"
It cut AI hardware exposure from >50% in May to <10% in June
Since SMH peaked on 6/22, Citrindex is down 7.86% vs SMH's 25.35%, outperforming by 17 points

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