September Nasdaq-100 futures continued to consolidate, remaining stuck in a sideways channel since mid-June as trading volumes stayed low. The stagnation comes as Bank of America's bubble risk gauge flagged elevated valuation risks in the technology sector, assigning a 0.91 reading to semiconductors. While institutions like BlackRock still overweight U.S. equities with an eye on AI infrastructure, capital is beginning to rotate out of the concentrated group of chip stocks that led the first half of the year. Analysts view this profit taking as a broadening of market participation, though it could expose the index to further downside if the rotation accelerates on heavier volume.