May 15 Global equity funds attracted inflows for an eighth straight week through May 13 as investors chased the AI-driven rally in technology stocks on optimism over strong chipmaker earnings and shrugged off inflation concerns.
They bought a net $39.15 billion of global equity funds in their largest weekly net purchase since $48.55 billion of additions in the week to April 22, LSEG Lipper data showed
The MSCI World Index hit a record 1,117.52 on Thursday, as tech shares extended a rally after Advanced Micro Devices and Microchip Technology had forecasted strong data-center chips’ demand in the last week. LSEG data covering 900 MSCI World constituents showed that about 72% of companies beat analysts’ average profit estimates for the first quarter. U.S. equity funds gained $22.37 billion weekly inflows in a reversal from $2.89 billion net outflows the prior week.
Asian and European funds also saw weekly net additions of $7.62 billion and $6.29 billion, respectively. The technology sector drew a record $10.65 billion. Metals and mining, and industrial sectors also had net purchases of $1.03 billion and $886 million, respectively.