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Chip slip and the tech tumble

Got chips?

Is this the beginning of something bigger or not, but global chip stocks had a poor week this week. Note that most names are trading at the same levels we traded at almost a month ago. Is the perceived AI bull stronger than the actual one?

Source: Refinitiv

Mighty tech...

Source: Refinitiv

Staying stretched

Source: Goldman

The signal

Source: BofA

Getting there, but...

Source: CS

Buyback bear

Source: CS

CTAs and equities

Source: BofA
Source: BofA

Monster gap

Source: Goldman

When will the gap become too wide?

Source: Macrobond