Retail investors have been crowding into a few pockets of big tech, including the Mag 7, Nvidia, and riskier, turbo-charged Nvidia plays through long-leveraged semiconductor ETFs like NVDL and SOXL, according to new data from Vanda. So far, this narrow strategy has been working, with retail outperforming the S&P, but there is risk in being so indexed to big tech and the AI story, and could add to volatility in these names.