Sentiment shifted in April as AI enthusiasm drove $86 billion of inflows, led by institutions and a retail comeback.
Hedge funds remain under‑peak positioning, leaving dry‑powder for further upside while individual investors pile into tech ETFs and call options.
US attracted most global flows, boosting the dollar to its strongest level since late‑2022; Europe saw worst redemptions in two years.
Corporate earnings resilience supports equities over bonds, with investors favoring TIPS amid inflation worries and oil‑price concerns.