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AI semiconductor cycle: easier returns over, bottlenecks persist

The guest argued the easiest returns from the AI semiconductor trade are over, but the cycle likely has further to run due to persistent bottlenecks.

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The Callback

US Treasury yields headed to 10%

30 weeks between these two statements.

Then

The guest argued the AI build-out is a generational platform shift, likely only in the third or fourth inning, with strong fundamentals supporting a multi-year cycle.

GOLDMAN SACHS EXCHANGES · 12 FEB 2026 · 15:00Open in Zortix →
Now

The guest argued the easiest returns from the AI semiconductor trade are over, but the cycle likely has further to run due to persistent bottlenecks.

EURODOLLAR UNIVERSITY · 7 SEP 2026 · 4D AGO · 06:15
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NOT INVESTMENT ADVICE · A SUMMARY OF WHAT WAS SAID ON THE PODCAST · VERIFY AGAINST THE SOURCE