Jun. 27 at 6:57 PM
A few of the former leaders are quietly sitting in drawdown territory now:
$AVGO -26%
$NVDA -19%
$ARM -27%
This is where the market starts telling a different story - not through headlines, but through price action.
Two interpretations here:
Broader semis topping process is underway and leadership is breaking down
Sector rotation inside semis, with capital rotating away from stretched names into laggards or different sub-groups
The real tell will be whether names like
$MRVL,
$DELL, AMD, and TSM also start rolling over or stabilize.
Either way, this is not the environment I’d be aggressively initiating fresh long exposure in semis. When leaders are bleeding while sentiment stays euphoric, price usually gets the final vote.
Watch what the market is doing - not what the narrative is still trying to sell.
