Institutional demand for AI-related stocks is surging: US insurers purchased +$2.4 million of Nvidia, $NVDA, Microsoft, $MSFT, Alphabet, $GOOGL, and Meta, $META, on average per day over the 90 days ending November 30th. Insurers have been net buyers of these names over the last 12 months. In October, the 90-day moving average of net purchases rose to a record +$8.0 million. This is a sharp contrast to 2023 and 2024 when insurers were net sellers of these stocks. Institutional demand for AI stocks is incredibly strong.