JPMorgan strategists, including Nikolaos Panigirtzoglou, said strong inflows into equity ETFs showed retail investors remained bullish on stocks, providing support they considered crucial to stabilizing the recently battered AI trade. According to Sina Finance, citing the bank’s latest flows and liquidity report, ETFs tracking global equities received about $20 billion in average daily inflows last week, accelerating to $30 billion on Monday. Leveraged equity ETFs, driven mainly by retail investors, attracted nearly $5 billion on November 5 and 6, while inverse ETFs saw outflows of roughly the same amount. The report also said declining call-option buying could further strengthen the influence of retail flows. The strategists wrote that retail support was crucial to stabilizing the AI trade in November after October’s brutal performance and substantial hedge fund de-risking. If the market stabilizes in November, hedge funds may rebuild AI-related exposure from late November, helping drive a year-end rally.