The State of the Chip Trade

Joseph Deyonker and Stephen Sopko discuss the semiconductor sector amidst summer weakness and headline anxiety around AI capex spending. Stephen says his team is not seeing any slowdown in production and calls a recent pullback a "penalty for good behavior" with news raising expectations each cycle. Joseph says companies are adjusting to a new deployment phase as more capital pushes to integration rather than buildout.

Trading 360

03 Aug 2026

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