In Semis We Trust

In Semis We Trust

Semiconductors are increasingly starting to trade like a self-reinforcing macro mania. Every small dip gets aggressively bought, upside volatility remains extremely well bid, and positioning keeps crowding back into the same narrow AI leadership trade.

The remarkable part is that the melt-up is no longer just impacting markets. Semiconductors are increasingly starting to dominate equity indices, volatility dynamics, trade balances, and even entire economies.