Investors are buying single stocks at record pace as market-beating bets fall to record lows.

Bank of America analysts said in a research note on Tuesday that clients of Bank of America Securities were net buyers of U.S. stocks for the first time in three weeks.

Last week’s $6.1 billion in net inflows were the fifth-largest on record for Bank of America. Clients bought both individual stocks and exchange-traded funds, but analysts noted that individual stock inflows were the largest in the bank’s data, which dates back to 2008.

The report also said all major client groups, including retail investors, hedge funds and institutions, were net buyers. Clients led the way in buying stocks across all sectors except energy, led by technology and discretionary stocks, which also saw their biggest weekly inflows on record.

And that was before stocks soared to new record highs as new inflation data gave the Federal Reserve more room to cut interest rates in the near future and Fed Chairman Jerome Powell took an increasingly dovish tone.

The growing interest in individual stocks comes as passive investing has dominated stock selection in recent years, with funds tracking indexes such as the S&P 500 attracting more and more money while actively managed funds have continued to underperform the market.

But the AI ​​boom has spurred phenomenal profits for a few tech giants, which have driven much of the market’s recent gains — in fact, as of June, Nvidia alone accounted for more than a third of the S&P 500’s annual gains.

This concentration in the stock market means it’s harder than ever to find stocks with share prices that outperform the overall market, highlighting the outsized role played by certain individual stocks.

According to Torsten Slok, chief economist at Apollo Global Management, the percentage of stocks outperforming the S&P 500 index is below a record low of 25%, and he quipped in a Thursday note that “picking S&P 500 stocks really comes down to whether you like tech companies or not.”