Investors have withdrawn capital from the US stock market for the first time in three months, with technology funds experiencing a record outflow, indicating a cooling in artificial intelligence-related trading.

Bank of America, citing data from EPFR Global in a report, stated that US equity funds saw outflows of $8.5 billion in the week ending June 24. Technology funds led this trend, recording a record outflow of $9.3 billion.

This trend marks a reversal from the previous week. A team led by Michael Hartnett at Bank of America wrote in a report that technology funds had attracted a record inflow of $19.2 billion the week before.

Wall Street has recently been impacted by selling pressure in major technology stocks, including a significant decline in the share price of Apple Inc. Although memory chip manufacturer Micron Technology Inc provided strong sales forecasts, alleviating some concerns about a slowdown in the tech sector, the S&P 500 index has retreated from the record highs it reached earlier this month. Stock index futures indicate that Wall Street may open weaker again on Friday.

Bank of America noted that overall equity funds recorded outflows of $5.0 billion, while money market funds saw outflows of $25.5 billion. European funds continued to fall out of favor, experiencing outflows for the 11th consecutive week.

According to the report, investors shifted their allocations into fixed-income funds, which absorbed $16.6 billion in capital.