Report published September 14, 2026
UBS Macro Derivatives Flow: AI Semis Call Demand, Emerging Market Upside, and Gold Inflows
UBS · September 14, 2026
Institutional and derivative flows over the week were constructive, led by renewed buying in AI semiconductors and memory alongside $250m in call premiums. Traders also targeted emerging market upside via EWZ and EEM, covered CHF shorts, and bid up Gold/GLD despite higher interest rates.
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Finvaulta summarizes UBS's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.US equity flows showed constructive rotation back into the AI theme (Semis, Memory, Hyperscalers) alongside $250m in call option buying across US semis.
- 2.Index hedges were actively put on and rapidly unwound around CPI, including $23bn of SPX put spreads and $5bn of SPY put spreads.
- 3.Emerging market upside was in demand via EWZ call spreads/condors, EEM outright calls, and constructive China internet cash and option buying.
Table of Contents
- Macro Derivs Flow: AI Semis and Memory buying / EWZ and EEM upside / Gold buying
- Normalized Cross-Asset Spot Weekly Chg
Report data
Normalized Cross-Asset Spot Weekly Chg (norm vs 1y real. vol)
| Metric | Estimate | Context |
|---|---|---|
| Call Option Premium Spend on US Semis | 250.0 USD millions | Call option buying across names including SNDK, INTX, DRAM, BE, SKHY, AMD, and CRWV. |
| SPX Put Spreads Unwind Volume | 23.0 USD billions | Short-dated index hedges unwound around CPI. |
| SPY Put Spreads Volume Bought and Unwound | 5.0 USD billions | Put spreads bought ahead of print and unwound on Friday. |
| 10s30s Euribor Forward Steepener Move | 9.0 bps | Stops in forward steepener structures following ECB meeting. |
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