$Formfactor(FORM.US) rose +12%, as its test probe cards are benefiting from the demand for advanced packaging; $TTM Tech(TTMI.US) and $Rambus(RMBS.US) also gained five to nine points. All small and mid-cap stocks in the US semiconductor supply chain are following the rally. On the Hong Kong side, $DELTON(01989.HK) dipped slightly instead, while $EFUND A SEMICON ETF(03486.HK) only edged up slightly.

The US stock supply chain is rallying like this, but Hong Kong's PCB and Asia semiconductor basket aren't following. Conclusion first: A catch-up rally is highly likely, but the magnitude will be discounted — Hong Kong semiconductor stocks have consistently thinner capital support, and their follow-up rallies are always a weaker version. Or perhaps, this time we won't even get the weaker version?