Retail investors are increasingly moving funds from gold and Bitcoin ETFs to semiconductor ETFs, according to an analysis by The Kobeissi Letter. Since April, U.S. gold and Bitcoin-related ETFs have experienced net outflows of approximately $12 billion, while semiconductor ETFs have seen net inflows of around $20 billion. This trend intensified in mid-May, with gold and Bitcoin ETF outflows tripling and semiconductor ETF inflows doubling. Market performance reflects this shift, as the largest gold ETF, GLD, has declined by about 13% and Bitcoin ETF IBIT by 12% since early April. In contrast, semiconductor ETFs SOXX and SMH have surged by 81% and 60%, respectively. The analysis suggests a "risk appetite shift" as retail investors move from safe-haven and crypto assets to high-growth sectors like semiconductors and AI.