The Cyclical Bear in a Secular Bull Market for the Semiconductor Industry

Taiwan, semi is one of the five most important companies in the world given where they sit. When they make a comment like that, you can't just willfully ignore it. I think we're still in a secular bull market, but we're having a big cyclical bear market. It's the same thing with AI. It's a secular story. It's really exciting, but the cyclical aspects that are dragging down the semiconductor industry are overwhelmed. Like they can't overpower that in the near term. And I think that's a wake up call in the third quarter for the semiconductor Industry stocks.

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