(Bloomberg) -- A rapid selloff in the high-flying momentum trade is wrecking the strategy's staunchest bulls: Retail traders. "Semis and AI hardware names, which have been the primary driver of momentum, have been longstanding names in retail portfolios," said Viraj Patel, global macro strategist at Vanda Research. A confluence of worries is likely behind the ordeal in the momentum trade. The selloff took a toll on how active that amateur traders are in the stock market. "This slowdown in retail engagement aligns with the recent market nervousness around the Momentum drawdown," JPMorgan's Arun Jain wrote.