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Chips just fell NINE days in a row. ✅ The chip ETF's longest losing streak since May 2006. ➡️ May 2006: the Fed had just hiked for the 16th time. Chips cracked first then too. ✅ Down 9.4% this week. ~22% below the June record. A second bear market this year. ✅ Hedge funds net sold AI stocks five sessions straight, per Goldman. ✅ All their net AI buying since the start of 2025: GONE. In one week. ➡️ Basically, the fast money already sold. ✅ Net allocation to AI: 26.1%, from 31.7% at the June peak. ➡️ Washed-out positioning is fuel for a bounce. It isn't the bounce. ✅ $NVDA, $AVGO & $MU: ~13x forward earnings on average now. ✅ Barclays' AI hardware names: still up ~90% this year vs 14% for the S&P. 😇 until you get an Iran deal, hardware is probably going to suck wind 😇 I'd rather buy the dip on semiconductors before an anticipated Iran deal. 😇 I'm actually bullish a hardware recovery once we get through the Iran situation 🚨 Long-term AI positioning still sits at the 83rd percentile, per Goldman. More can come out. ➡️ The window I'm watching opens Tuesday: Oct 20 to 27. $MU