The Real Eisman Playbook Is a Market Melt-Up Coming? Why Tech & Semis Are Dominating Again | The Real Eisman Playbook Ep 58
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May 4, 2026 
Todd Sohn, chief chartist at Strategas who tracks semis and sector rotation, and Chris Verrone, Strategas chief market strategist focused on macro and flows, dig into why semiconductors, AI-related tech, banks, and power are rallying. They debate ETF flows, software’s sidelined state, gold’s weakness, and whether market momentum could spark a melt-up. Short, chart-driven market talk with actionable sector focus.
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Semiconductors Are Reshaping The S&P
- Semiconductors have surged to a dominant index weight, reshaping S&P composition.
- Todd Sohn notes semis are ~17% of the S&P, roughly half of Information Technology, up from ~2% a decade ago.
Today's Tech Rally Is Narrow Not Broad
- Current tech leadership is narrow and rotational, unlike 1999's broad tech run.
- Chris Verrone compares today's semi- and memory-driven moves to 1999 but highlights discrimination between subgroups like software versus semis.
Be Cautious Buying Software Stocks
- Don't expect software to bottom on good news; bottoms often form after bad news and differentiation within the group matters.
- Chris Verrone and Todd Sohn suggest dabbing cautiously or using options until names show relative strength.