Investors are executing a dramatic rotation into Big Tech stocks at an accelerating pace, abandoning nearly every other sector in a flight to quality that reveals both extraordinary confidence in technology giants and growing anxiety about the broader market. The latest flow data from Bank of America paints a stark picture: communication services sector single stocks saw record inflows of $2.2 billion last week, following $400 million in inflows and $2.9 billion in outflows in prior weeks—the largest outflow on record before the reversal.

Meanwhile, traditional economic bellwethers are hemorrhaging capital. Industrials posted $1.5 billion in outflows, the largest since December 2018, while financials saw $1.3 billion withdrawn, marking the eighth weekly sale out of the last nine. The overall picture is sobering: total single stocks saw $2.2 billion in outflows last week, meaning the massive inflows into communication services were more than offset by selling everywhere else.

This isn’t diversification or sector rotation in any traditional sense. This is capital fleeing everything except Big Tech, concentrating portfolios in a handful of companies at levels that would have seemed reckless in any previous market cycle.