Forward Guidance · Friday, July 3, 2026
The fair value of semiconductor and AI-related trades is questioned, with current market movements attributed to significant inflows into triple-leveraged ETFs rather than fundamentals. This suggests a disconnect between asset prices and intrinsic value.
“And when you think about it, right? Like, what is the fair value of, you know, these semis and and these AI related trades, right?”
“It's nothing close to what we've seen.”
“But when you look at the data of what's moving the market, and it's $100 billion of triple leveraged ETFs, that's obviously completely removed from fundamentals.”