its hard to say that semis have topped or that capex beneficiaries have topped
but the sentiment shift has absolutely been violent away from semis/capex names$Taiwan Semiconductor(TSM.US) $ASML(ASML.US) crush earnings, doesn’t helpbig tech will most likely increase capex going into Q2 and maybe calm things downbut this selloff feels completely sentiment driven vs fundamentally drivenhaving said that, the sentiment going bearish doesnt have to be because semi fundamentals are bearish, but it could be because people were yolo’ing into names up 4-5x YTD…SPY is almost at ATH, so this absolutely is a reset and maybe a needed reset even if it has been painful for semisif you are heavy SaaS and Mag 7, not feeling as much pain as most of that selloff already happened a few months agoare you buying any of the semis here?Source: amit
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