“Chip stocks have run so far they are already priced for profits years out, into 2028 and even 2029, and that is the most crowded, fragile trade right now.”
“I think your big risk is in semiconductors. Those stocks have gotten way, way ahead of themselves. We're now pricing in 2028 earnings. For those companies and actually starting to price in 2029 earnings. That's a lot.”
Prices are point-in-time snapshots from the named provider. The verdict compares the return since entry against the band above.