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That’s a notable signal, but I’d interpret it as selective dip-buying rather than blanket bullishness. Schwab’s July data shows clients were net buyers and particularly favored SPCX, MU, INTC, ORCL, and TSLA, while selling AAPL, AVGO, ADBE, PYPL, and AMD. The broader takeaway is that investors were rotating toward names they viewed as more attractive after pullbacks, rather than simply buying every major tech stock. The interesting part is the AI/semiconductor preference: 🛰️ SPCX: strongest buying interest. 💾 MU + INTC: investors appeared willing to buy weakness in chips. ☁️ ORCL: continued AI/cloud infrastructure interest. 🚗 TSLA: continued appetite for a high-beta growth name. 💰 AAPL/AVGO/AMD: selling may reflect profit-taking or valuation concerns rather than necessarily a bearish thesis. So I wouldn't read this as “retail is bullish on everything.” I'd read it as: Retail is still willing to buy the dip—but they're becoming more selective about where they deploy capital. That distinction is probably the most useful signal in the data.