AI trade feels a bit stretched here, not sure if it’s just positioning

Been noticing some weird price action in semis lately and I can’t tell if it’s just positioning or something more.

Even when news is fine, stocks just don’t really follow through anymore. Moves up tend to fade fast and downside seems to attract more volume.

MU had a solid print recently and still drifted lower. NVDA flipped around multiple times without real momentum sticking. Broadcom’s guidance a few weeks ago kind of set the tone for the whole group and things haven’t really felt the same since. Even small positive headlines don’t seem to get much continuation.

At the same time Goldman and a few others have started talking about how crowded the AI trade is getting. Not necessarily bearish, just pointing out that positioning is pretty one-sided.

That’s kind of what it feels like on the tape too. Nothing dramatic, just a lack of follow-through compared to earlier this year. Green days don’t really extend and red days feel a bit heavier.

I’ve cut my semi exposure down a bit just to reduce risk, not because I think the whole thing is over. More just feels like the risk/reward has changed recently.

Maybe it’s just a normal rotation phase and nothing more.

Curious if others are seeing the same thing in AI names or if I’m reading too much into short-term price action.