On August 26, despite a significant pullback in global chip stocks since late June, funds have flowed into semiconductor leveraged ETFs. Data shows that the three-times long semiconductor ETF - Direxion (SOXL) attracted nearly $7 billion in net inflows during July and the first two weeks of August, demonstrating a clear 'buy the dip' characteristic. As of August 24, SOXL was priced at $111.16, down over 60% from its previous high of $302. This ETF tracks the NYSE Semiconductor Index, with components including Nvidia, Micron Technology, AMD, and Broadcom. The semiconductor sector remains one of the most crowded trades globally. A Bank of America global fund manager survey in August indicated that 53% of respondents chose to 'go long on global semiconductors,' although this is a significant drop from the historical peak of 82% last month. There are differing views among institutions regarding the industry's outlook. Fidelity warned that the semiconductor's approximately 40-month earnings cycle may be nearing its peak, suggesting that daily reset leveraged products like SOXL could amplify losses if the industry cycle reverses. Conversely, Goldman Sachs significantly raised its expectations for global semiconductor fab equipment spending for 2026 to 2028 to $150 billion, $218 billion, and $281 billion, believing that the AI-driven semiconductor supercycle is likely to continue until 2028. JPMorgan also maintains a bullish outlook, asserting that the semiconductor sector, following its recent pullback, presents an attractive opportunity.