Retail Is Flooding Into the Chipmaker Rally as Moves Get Extreme

Retail traders largely sat out a record-setting advance in chip stocks in April. Now they’re diving in just as worries mount that the group’s rally may be losing steam.

Individual investors boosted purchases of technology shares to the highest level in a year last week, according to positioning data from JPMorgan Chase & Co., with companies like memory chipmakers that benefit from all things artificial intelligence drawing the most interest. Hardware companies posted their second-largest inflow on record.