Thoughtful Money with Adam Taggart · Saturday, June 27, 2026
Lance Roberts expressed concern about the current market, noting that breadth is deteriorating despite the S&P 500 hitting all-time highs. He pointed to the semiconductor sector as a potential area of concern due to its rapid growth and cyclical nature, suggesting that the market is increasingly narrow and potentially fragile.
“We are punching record levels of margin debt. And again, like I said, these are people that are buying on margin, leveraged ETFs or options on leveraged ETFs on margin. So, you know, the blow-up is going to be spectacular at some point. It's going to, we're going to look back at this and go, oh yeah, that was obvious.”
“Narrow markets are always, you know, always a sign of fragility. And, you know, we have to keep some things in context. There's also, you know, you've got big momentum push into the semiconductors.”
“Whenever you have this big of a move in semiconductors, what is that going to do? It's going to entice A, current semiconductor manufacturers to produce more product. So, that increases supply. Second thing it does is that it incites competition to come into the market, to bring in new players. Which is going to increase supply. So, at some point, that supply catches up with the demand and balance then you get the big reversion in price.”