During just five days in late April, the $161 billion Invesco QQQ ETF reportedly “bled nearly $6 billion in its worst stretch since the dot-com era of 2000,” according to a recent Bloomberg article.

According to the article, the tech sector suffered after Netflix reported disappointing subscriber growth in the first quarter, “helping drag QQQ to its first weekly drop in over a month.” After that poor showing, the article notes, “the pressure is on the rest of the Faang block of megacap tech stocks to deliver.”

The article cites comments from Moors & Cabot managing director James Pillow: “With earnings season starting to heat up, especially for the tech sector…it is likely that the expectations for technology companies may be too high.” He adds, “It’s early still, but just look where the earnings surprises are coming from: materials, energy, and financials, all about 80% or higher. Money will follow performance—and the performance is coming from those sectors.”

Flows to ETFs will follow that shift, the article concludes, noting that financials-tracking ETFs have drawn $15.7 billion in inflows so far this year, while energy and materials fund have attracted $14.4 billion and $4.9 billion, respectively.