In another testament to the notion that some of the thrill is gone for US shares after a delirious run turbocharged by the A.I. gold rush, US-focused equity ETFs and mutual funds saw a second week of outflows.

The $1.6 billion which exited over the latest weekly reporting period didn’t count as especially large, but was notable in the context of what appears to be waning enthusiasm for the rally.

I wouldn’t want to overstate the case. The point is simply that individual investor sentiment, small traders’ call option flow and US equity ETF and mutual fund flows all tell the same story — namely that Nvidia’s guide stirred the animal spirits, and now they’re calming down again.

Recall that EPFR’s data showed US stock funds took in $37 billion in the three weeks following Nvidia’s report. It was the only meaningful period of inflows this year.

Meanwhile, inflows to emerging market shares resumed at $4 billion over the last week. For the first half, US equity funds shed more than $38 billion on net, while EM-focused products took in $67.3 billion.

Needless to say, cash was H1’s biggest flow winner at three quarters of a trillion in inflows.