Regime gate
Normal snap-back
Stressed unwind
Why hedge-fund de-crowding of the chip trade snap-backs
Structural index owners
passive · record index weight — never leave
Volatility spike
hits most-crowded trade
HF de-grossing
aggressive net-selling semis
Surface reading
trade looks 'de-crowded'
The chip trade
crowded level
de-grossed level
HF semis exposure
Crowd rebuilds
faster than it unwinds
Drawdown stalls
risk managers re-add
Stress extreme
margin-call unwind
AI-fund collapse
Fundamental shock
re-add breaks