Ben Emons examines the semiconductor sector as the market reacts to U.S./China tariff de-escalation. He says semiconductor issues are what the market reacted to the most around tariffs, and discusses Bessent’s comments around “strategic decoupling” for those supply chains. Despite the market rally, he says there could still be catalysts that “derail” the enthusiasm. On the other hand, he thinks that U.S. equities could catch up with the rest of the world.