Where did global funds flee to last week when tech stocks and precious metals plummeted?

As of the week ending February 11th, strong inflows of funds were seen in European and Asian equity funds, as investors reduced holdings of large US stocks due to concerns over high valuations and continued growth in AI-related expenses. Data from Lipper showed that global equity funds saw net inflows for the fifth consecutive week, with a total of $25.54 billion, of which European funds saw net inflows of $17.53 billion, reaching the highest weekly record since at least 2022; Asian funds saw net inflows of approximately $6.28 billion. Meanwhile, US equity funds saw net outflows of $1.42 billion for the first time in three weeks. Due to renewed concerns in the market about the potential impact of AI technology on industries such as software, legal services, and wealth management, the tech-heavy Nasdaq composite index fell by 2.03% last Thursday. Global bond funds continued to attract investor favor for the sixth consecutive week, with net inflows of approximately $21.09 billion in the past week. Short-term bond funds saw net inflows of $4.87 billion, reaching the highest level since mid-December with net inflows of $10.17 billion. Corporate bond funds and Euro-denominated bond funds also attracted inflows of $2.63 billion and $2.06 billion respectively. Meanwhile, money market funds saw their inflows drop to the lowest point in three weeks, at only $1.15 billion. Gold and precious metal commodity funds saw inflows for the 13th week out of the past 14 weeks, but net inflows were at the lowest level in five weeks, at $1.25 billion. In emerging markets, investors injected $8.52 billion into equity funds, continuing the recent buying trend for the eighth consecutive week; for bond funds, data from a comprehensive analysis of 28,723 funds showed net inflows of $1.29 billion.