Don't look now, but retail traders and investors are starting to sell their semiconductor holdings

Going into this sell-off we saw equity positioning rather crowded in large cap tech

From 2015-2025, EM earnings disappointed every single year. In 2026, EM earnings expectations have exploded higher, projected to rise nearly 50%. And further gains are expected in 2027

Dell and Intel have both more than tripled so far this year and we still have 7 months to go