Jahanara Nissar

After a hiatus of a few months, while we waited for frothiness in AI expectations to calm down (link), we are re-entering the semicap trade on the long side. On a near-term basis we expect LRCX/AMAT management presentations at the upcoming investor conferences to crystallize investor expectations into next year and act a positive catalyst. […]

Into the run-away enthusiasm for semicaps in recent weeks, we would be cautious heading into earnings season. Its not just that the new export restrictions may have more bite than imagined even a week ago, we think the Street may have become overly optimistic with regards to fundamentals. If investors are looking for the multi-year […]