Semi revenue growth has peaked.

Stocks as well.

• 2/3^rd of Semiconductor revenues are slowing down into 2H24 (AI, PC, Server, Smartphone)

• The recovering segments (Industrial, Networking, Auto) are too small to change the overall trajectory

• The Semi sector is still expensive – valuations charts are borderline scary

The first post I published on Substack (here, 17 July) was on peaking Semiconductor revenue …