Global equity funds attracted $44.1 billion in the week ending Sept. 23, a dramatic U-turn that snapped two consecutive weeks of outflows and marked the largest weekly inflow since July 8. The prior week had seen $22.3 billion walk out the door, so this is less a gentle turn than a full-on about-face.

The U.S. was the clear destination, according to LSEG Lipper data cited by Reuters, absorbing $37.6 billion. European and Asian equity funds attracted $2.26 billion and $2.21 billion, respectively. Technology funds alone pulled in $5.29 billion, their biggest weekly inflow since July 29.

ETFs Provide a Granular View of the Rotation

On Sept. 23, iShares Core S&P 500 ETF (IVV) recorded a massive $16.35 billion inflow, according to ETF.com. SPDR S&P 500 ETF (SPY) had added $3.87 billion, while Invesco QQQ (QQQ) had attracted $2.84 billion.

Last week, IVV collected around $31.57 billion (ending Sept. 25), while SPY and QQQ attracted $22.38 billion and $1.47 billion, respectively, per ETFDb.

That points to strong demand for broad U.S. equities, but investors also put money into more targeted growth exposure.

The technology ETF data is particularly notable for last week. Technology ETFs recorded $4.1 billion in weekly inflows, with VanEck Semiconductor ETF (SMH) accounting for $3.9 billion of that total, according to ETF Channel.

Data Suggests AI Is Central to the Comeback

IVV and SPY show investors returning to the broader U.S. market, while QQQ and semiconductor ETFs indicate that AI and technology remain central to the risk-on trade.

That makes the next phase of the rotation worth watching: whether flows continue broadening into small caps and other sectors, or remain concentrated in the technology and semiconductor ETFs that have powered much of the market's AI-driven rally.