In Semis We Trust

The semiconductor sector has entered a 'macro mania' phase, dominating global market indices and the economies of Taiwan and Korea. While momentum remains strong, extreme technical indicators and crowded positioning suggest high vulnerability to a rotation or leadership disruption.

Key Takeaways

• 1.Semiconductors are behaving like a macro mania, increasingly dominating equity indices, volatility dynamics, and trade balances.
• 2.Taiwan and South Korea are suffering from a 'Semis syndrome' (Dutch disease), where the chip sector overwhelms the broader economy and electricity consumption.
• 3.Market vulnerability is concentrated in leadership disruption of the crowded AI and semis trades rather than broad panic.

Table of Contents

• Vertical
• Modern-day record
• Sold semis
• Upside semis fear
• Soggy NVDA
• Without the general
• Chip economy
• Semis syndrome
• South Korean exports
• Vulnerability

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