I would be careful taking that disclosure at face value as a tradable signal.

First, 3,642 trades in a quarter, ~58 per day, is not an “investment view” portfolio. It looks like either:

delegated/algorithmic execution,

structured products rolling,

or liquidity/hedging flows.

That means the signal-to-noise ratio is low. You are not seeing conviction positions, you are seeing activity.

On the rotation itself, selling software and buying hardware (NVDA / SNDK / AVGO) is directionally consistent with what the market has already been doing:

bottleneck has shifted to compute, memory, interconnect,

AI capex is still accelerating,

hardware is nearer-term monetisable than software promises.

So the question is timing, not direction.

If you follow it blindly now, you are likely late-cycle in positioning:

NVDA and AVGO are already consensus crowded,

SNDK is riding a thematic re-rating.

On whether to trade against it: I would not “fade Trump” mechanically either. Disclosures are backward-looking and often fragmented across vehicles.

My read:

The rotation is real, but already priced.

The disclosure is noise, not signal.

The edge now is in second-order plays (power, cooling, networking layers) or waiting for pullbacks in the leaders.

In short: align with the structural trend, but do not outsource timing to a politician’s trade log.