Bloomberg Surveillance · Tuesday, September 15, 2026
Despite a 5.8% drop in the semiconductor index, Ted Morrison calls it a 'horrible reaction' given the robust earnings season in tech. He advises capital preservation in the near term due to midterm elections but believes the infrastructure trade will continue for years.
“And the stock action you saw on the semiconductor index being down 5.8%-ish yesterday was a horrible reaction to what reality is. I sat on 70-plus conference calls last earnings season And this was one of the most robust earnings seasons in tech that I've seen probably in my entire career.”
“The bottom line here is things are not going to stop on a dime. And I think we again, we have to get past this hysteria phase. and get through the election and see what the government looks like on the midterms from a congressional and Senate standpoint and go from there.”