US investors are returning to bullish bets on US equities, leaving behind July’s chip rout. The S&P 500 has gained 4% this month and is trading at a record high, while the Nasdaq 100 is within 2% of its June peak. Citigroup and JPMorgan have raised 2026 targets after a strong Q2 earnings season.

Demand for IT stocks has hit a five‑year high, with State Street data showing institutional money flowing into the sector. Derivatives betting on a market climb have surged. Michael Metcalfe says the tech trade looks bullet‑proof, noting earnings remain strong amid geopolitical and economic noise.

Lower inflation and falling oil prices have muted rate‑rate bets, pushing the S&P 500 to a record above 7,800. Scott Chronert lifted his year‑end target to 8,100. JPMorgan’s Dubravko Lakos‑Bujas highlights broad earnings growth and early signs of AI monetisation.

Chip stocks are rebounding: Super Micro up 38%, Sandisk 26%, Core Weave and Nebius 75%, Micron and Intel 15%. The Skew index collapsed to a one‑year low, with investors moving from hedges to upside calls. Henry Allen warns that complacency could expose risks as growth, rates, supply shocks and oil remain uncertain.