Xetra
Riskitaso
6/7
Morningstar rating
5 stars
Vastuullisuus (SFDR)
8
VanEck Semiconductor ETF
Osta-
Myy-
Spreadi %0,80%
Vaihto (EUR)-
Juoksevat kulut0,35%
Tarjoustasot
Ei dataa
Tunnusluvut
Riskitaso
?
Korkea: 6 / 7
Huomioi, että vaikka osakerahastoihin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.
Tunnusluvut
- Juoksevat kulut0,35%
- OmaisuusluokkaOsake
- KategoriaSektori teknologia osakkeet
- PerusvaluuttaEUR
- OsinkopolitiikkaKasvuosuudet
- Avaintietoasiakirja
Tietoa rahastosta
The Fund’s investment objective is to replicate, before fees and expenses, the MarketVector™ US Listed Semiconductor 10% Capped Screened Index (the Index). Investment Policy In order to seek to achieve its investment objective, the Manager will use a replication strategy by investing directly in the underlying equity securities, being the stock, American depository receipts (ADRs), and global depository receipts (GDRs), that consists of the component securities of the Index.
Vastaavan tyyppisiä ETF:iä
Nimi12 kk
iShares S&P 500 Information Technology Sector UCITS ETF USD (Acc)
+23,33%iShares Automation & Robotics UCITS ETF USD (Acc)
+31,3%iShares MSCI Global Semiconductors UCITS ETF USD (Acc)
+125,19%
Xtrackers Artificial Intelligence & Big Data UCITS ETF 1C
+34,45%iShares Digital Security UCITS ETF USD (Acc)
+20,43%Omistukset
Päivitetty 30.7.2026
Jakauma
- Osakkeet100%
Asiakkaat katsoivat myös
Foorumi
Liity keskusteluun Nordnet Socialissa
Kirjaudu
·1 päivä sittenA small summary of the week's most important events for the AI and semiconductor sector: • The Fed left interest rates unchanged, although the tone was somewhat more hawkish than the market had hoped. • Microsoft delivered a very strong report. Azure continues to grow strongly and the company signaled continued large AI investments. • Amazon showed strong AWS growth and confirmed that demand for AI infrastructure is still very high. • Meta continues to invest heavily in AI. The market reacted negatively to the increased costs, but the investments simultaneously show that the AI race continues. • Apple had a more limited significance for the AI infrastructure case. My conclusion: The largest hyperscalers are not slowing down their AI investments – quite the opposite. They continue to expand data centers and invest in computing capacity, which in the long run is positive for the semiconductor sector. I therefore still see pullbacks as potential buying opportunities rather than a reason to abandon the case.It would be interesting to see your portfolio and how you yourself have positioned yourself based on this scenario.
2 päivää sittenA Chinese state-backed company began mass-producing immersion deep ultraviolet (DUV) lithography machines (previously dominated by Western firms like ASML) sparked fears of faster progress in China's domestic advanced chipmaking. The strong Shanghai debut of Chinese memory maker ChangXin Memory Technologies (CXMT) added to worries about increased competition, particularly in memory (DRAM/NAND), potential oversupply, and pricing pressure for players like Samsung, SK Hynix, Micron, and equipment makers.
That's how it has always been, the Chinese come in and take margins from the Western companies. Nothing but expected. That's why I don't understand these premium valuations on certain semi companies, as they will get margin pressure from China at some point. Some of these shares are priced as if competition will never enter. Doesn't work like that:)
2 päivää sittenTrend reversalThere was negative gamma in the market, so this was short covering and means nothing. It was expected in an oversold market. There is a tonnn of supply right above here, and in my eyes, this is still nothing more than a lower high… one cannot say anything is back until it has taken out critical levels. The difference between this time and many of the previous ones is that we have sold down slowly but surely. It wasn't the famous elevator down, where it's much easier to come back. (Less overhanging supply), I wouldn't celebrate too early. That Amazon and Microsoft would do well was also expected. They both have some problems in their financial statements that I see. Microsoft is increasing its depreciation periods on data centers to 25 years. In that industry itself, there is nothing in a data center (other than the fiber) that lasts 25 years, nor 10 years. So what they are doing is a big question mark to me and it's not good. Why do they have to prop up their revenues with lower depreciation? Things like that usually blow up. I am looking for a new entry for my shorts again, which I took off the other day. A trend does not change in one day; technical levels must first be broken, tested, and held. This was a day of short covering. See picture of Nasdaq and that square there is overhanging supply, where the shirt sellers are, these lines must be broken before you have a trend change. We took one out, but we are not yet at the levels where sellers come in. As others say here, we have a mid-term election which historically is quite negative times along with autumn in general. But that usually doesn't come until September. So we'll see. No cheering here at least. This is the most unstable market I have seen in 15 years. It is not normal to see trillion-dollar companies go up and down 10% in one day; it is a sign that we have extreme volatility in the market and something is not quite right. It has been like that for several months now, and for me, that often indicates the end of something vs the start of something. We'll see, I hope I'm wrong, but it's not good to see indices and these giant stocks move like this. Casino tendencies, no one buys stocks anymore, everything is short contracts with options and leveraged ETFs that create massive volatility. Normal price Discovery has completely disappeared. There were some massive darkpool transactions that happened both in qqq and semis here at the end of Wednesday, so some knew:) there is always someone who knows :) see pictures- 2 päivää sittenRead this!!!!! https://pinetreemacroresearch.substack.com/p/the-ai-capex-bubble-bigger-than-you?r=8u5zi&utm_medium=ios&triedRedirect=trueSo we should continue to increase the holding, it will go up again, you know.
- 2 päivää sittenBrace for the Digestion Period!!!! Historical semiconductor cycles show this pattern clearly: boom → overbuild → sharp correction → multi-quarter digestion with weaker pricing and capital destruction. The deeper episodes have required either a valuation bubble unwind or a broader macroeconomic shock. Both elements are present now. For retail investors who are still sitting on profits from the first-half 2026 run, this is the practical reality. The remaining upside in chasing the falling knife is asymmetric to the downside risk over the coming quarters and potentially years. A more rational move is to lock in gains and park capital in something that has historically held value when risk assets are under sustained pressure. GOLD has served that role across previous cycles of financial stress, monetary uncertainty, and equity market digestion periods. It does not require forecasting the exact bottom in semiconductors or the precise depth of any recession. It simply provides a defensive store of value while the feedback loop in the AI/semiconductor complex runs its course. The technology is real. The financial excess layered on top of it is now unwinding. History shows these unwindings are rarely clean or short. Retail investors who treat the current drop as a temporary dip rather than the early stage of a longer adjustment are the ones most exposed.2 päivää sittenYou’re looking for clean, confirmed evidence of hyperscalers already cutting. That’s the ideal-world version of events. We don’t live in that world. In the actual world — the one driven by capitalist greed, competitive pressure, and narrative momentum — the big spenders keep writing checks long after the returns start looking questionable. Free cash flow doesn’t make them disciplined. It gives them more room to stay aggressive while the story is still alive. Microsoft affirming spend and Meta raising guidance is exactly what you should expect at this stage. They will keep pushing until the market or the numbers force them to stop. The market isn’t waiting for formal guidance cuts. It is already pricing the next stages of the feedback loop: • Crowded positioning breaks • Valuations compress • Cost of capital rises • Order growth slows • Inventories build • Pricing power fades • Earnings disappoint • Recession risk climbs • Demand gets cut harder That sequence is the tip of the iceberg turning into the full structure. Historical semiconductor cycles show the same pattern: the market recognizes the excess first, the actual spending cuts arrive later. By the time the hyperscalers publicly slow, a lot of the damage in secondary names, memory, equipment, and equity valuations has already been done. So what’s missing in the “they’re still spending” view is the incentive structure. Greed and competition keep the spending elevated longer than pure economics would justify. The market is starting to price the consequences of that delay. That is why the semiconductor complex is breaking even while the official capex numbers still look strong. The cuts will come. They almost always do once the returns narrative cracks. The question is how much capital gets destroyed in the meantime.
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Nordnet Socialin käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Uutiset
Ei uutisia tällä hetkellä
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Tunnusluvut
Riskitaso
?
Korkea: 6 / 7
Huomioi, että vaikka osakerahastoihin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.
Tunnusluvut
- Juoksevat kulut0,35%
- OmaisuusluokkaOsake
- KategoriaSektori teknologia osakkeet
- PerusvaluuttaEUR
- OsinkopolitiikkaKasvuosuudet
- Avaintietoasiakirja
Tietoa rahastosta
The Fund’s investment objective is to replicate, before fees and expenses, the MarketVector™ US Listed Semiconductor 10% Capped Screened Index (the Index). Investment Policy In order to seek to achieve its investment objective, the Manager will use a replication strategy by investing directly in the underlying equity securities, being the stock, American depository receipts (ADRs), and global depository receipts (GDRs), that consists of the component securities of the Index.
Vastaavan tyyppisiä ETF:iä
Nimi12 kk
iShares S&P 500 Information Technology Sector UCITS ETF USD (Acc)
+23,33%iShares Automation & Robotics UCITS ETF USD (Acc)
+31,3%iShares MSCI Global Semiconductors UCITS ETF USD (Acc)
+125,19%Xtrackers Artificial Intelligence & Big Data UCITS ETF 1C
+34,45%iShares Digital Security UCITS ETF USD (Acc)
+20,43%Uutiset
Ei uutisia tällä hetkellä
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Tarjoustasot
Ei dataa
Omistukset
Päivitetty 30.7.2026
Jakauma
- Osakkeet100%
Asiakkaat katsoivat myös
Foorumi
Liity keskusteluun Nordnet Socialissa
Kirjaudu
- ·1 päivä sittenA small summary of the week's most important events for the AI and semiconductor sector: • The Fed left interest rates unchanged, although the tone was somewhat more hawkish than the market had hoped. • Microsoft delivered a very strong report. Azure continues to grow strongly and the company signaled continued large AI investments. • Amazon showed strong AWS growth and confirmed that demand for AI infrastructure is still very high. • Meta continues to invest heavily in AI. The market reacted negatively to the increased costs, but the investments simultaneously show that the AI race continues. • Apple had a more limited significance for the AI infrastructure case. My conclusion: The largest hyperscalers are not slowing down their AI investments – quite the opposite. They continue to expand data centers and invest in computing capacity, which in the long run is positive for the semiconductor sector. I therefore still see pullbacks as potential buying opportunities rather than a reason to abandon the case.It would be interesting to see your portfolio and how you yourself have positioned yourself based on this scenario.
- 2 päivää sittenA Chinese state-backed company began mass-producing immersion deep ultraviolet (DUV) lithography machines (previously dominated by Western firms like ASML) sparked fears of faster progress in China's domestic advanced chipmaking. The strong Shanghai debut of Chinese memory maker ChangXin Memory Technologies (CXMT) added to worries about increased competition, particularly in memory (DRAM/NAND), potential oversupply, and pricing pressure for players like Samsung, SK Hynix, Micron, and equipment makers.That's how it has always been, the Chinese come in and take margins from the Western companies. Nothing but expected. That's why I don't understand these premium valuations on certain semi companies, as they will get margin pressure from China at some point. Some of these shares are priced as if competition will never enter. Doesn't work like that:)
- 2 päivää sittenTrend reversalThere was negative gamma in the market, so this was short covering and means nothing. It was expected in an oversold market. There is a tonnn of supply right above here, and in my eyes, this is still nothing more than a lower high… one cannot say anything is back until it has taken out critical levels. The difference between this time and many of the previous ones is that we have sold down slowly but surely. It wasn't the famous elevator down, where it's much easier to come back. (Less overhanging supply), I wouldn't celebrate too early. That Amazon and Microsoft would do well was also expected. They both have some problems in their financial statements that I see. Microsoft is increasing its depreciation periods on data centers to 25 years. In that industry itself, there is nothing in a data center (other than the fiber) that lasts 25 years, nor 10 years. So what they are doing is a big question mark to me and it's not good. Why do they have to prop up their revenues with lower depreciation? Things like that usually blow up. I am looking for a new entry for my shorts again, which I took off the other day. A trend does not change in one day; technical levels must first be broken, tested, and held. This was a day of short covering. See picture of Nasdaq and that square there is overhanging supply, where the shirt sellers are, these lines must be broken before you have a trend change. We took one out, but we are not yet at the levels where sellers come in. As others say here, we have a mid-term election which historically is quite negative times along with autumn in general. But that usually doesn't come until September. So we'll see. No cheering here at least. This is the most unstable market I have seen in 15 years. It is not normal to see trillion-dollar companies go up and down 10% in one day; it is a sign that we have extreme volatility in the market and something is not quite right. It has been like that for several months now, and for me, that often indicates the end of something vs the start of something. We'll see, I hope I'm wrong, but it's not good to see indices and these giant stocks move like this. Casino tendencies, no one buys stocks anymore, everything is short contracts with options and leveraged ETFs that create massive volatility. Normal price Discovery has completely disappeared. There were some massive darkpool transactions that happened both in qqq and semis here at the end of Wednesday, so some knew:) there is always someone who knows :) see pictures
- 2 päivää sittenRead this!!!!! https://pinetreemacroresearch.substack.com/p/the-ai-capex-bubble-bigger-than-you?r=8u5zi&utm_medium=ios&triedRedirect=trueSo we should continue to increase the holding, it will go up again, you know.
- 2 päivää sittenBrace for the Digestion Period!!!! Historical semiconductor cycles show this pattern clearly: boom → overbuild → sharp correction → multi-quarter digestion with weaker pricing and capital destruction. The deeper episodes have required either a valuation bubble unwind or a broader macroeconomic shock. Both elements are present now. For retail investors who are still sitting on profits from the first-half 2026 run, this is the practical reality. The remaining upside in chasing the falling knife is asymmetric to the downside risk over the coming quarters and potentially years. A more rational move is to lock in gains and park capital in something that has historically held value when risk assets are under sustained pressure. GOLD has served that role across previous cycles of financial stress, monetary uncertainty, and equity market digestion periods. It does not require forecasting the exact bottom in semiconductors or the precise depth of any recession. It simply provides a defensive store of value while the feedback loop in the AI/semiconductor complex runs its course. The technology is real. The financial excess layered on top of it is now unwinding. History shows these unwindings are rarely clean or short. Retail investors who treat the current drop as a temporary dip rather than the early stage of a longer adjustment are the ones most exposed.2 päivää sittenYou’re looking for clean, confirmed evidence of hyperscalers already cutting. That’s the ideal-world version of events. We don’t live in that world. In the actual world — the one driven by capitalist greed, competitive pressure, and narrative momentum — the big spenders keep writing checks long after the returns start looking questionable. Free cash flow doesn’t make them disciplined. It gives them more room to stay aggressive while the story is still alive. Microsoft affirming spend and Meta raising guidance is exactly what you should expect at this stage. They will keep pushing until the market or the numbers force them to stop. The market isn’t waiting for formal guidance cuts. It is already pricing the next stages of the feedback loop: • Crowded positioning breaks • Valuations compress • Cost of capital rises • Order growth slows • Inventories build • Pricing power fades • Earnings disappoint • Recession risk climbs • Demand gets cut harder That sequence is the tip of the iceberg turning into the full structure. Historical semiconductor cycles show the same pattern: the market recognizes the excess first, the actual spending cuts arrive later. By the time the hyperscalers publicly slow, a lot of the damage in secondary names, memory, equipment, and equity valuations has already been done. So what’s missing in the “they’re still spending” view is the incentive structure. Greed and competition keep the spending elevated longer than pure economics would justify. The market is starting to price the consequences of that delay. That is why the semiconductor complex is breaking even while the official capex numbers still look strong. The cuts will come. They almost always do once the returns narrative cracks. The question is how much capital gets destroyed in the meantime.
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Nordnet Socialin käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Tunnusluvut
Riskitaso
?
Korkea: 6 / 7
Huomioi, että vaikka osakerahastoihin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.
Tunnusluvut
- Juoksevat kulut0,35%
- OmaisuusluokkaOsake
- KategoriaSektori teknologia osakkeet
- PerusvaluuttaEUR
- OsinkopolitiikkaKasvuosuudet
- Avaintietoasiakirja
Tietoa rahastosta
The Fund’s investment objective is to replicate, before fees and expenses, the MarketVector™ US Listed Semiconductor 10% Capped Screened Index (the Index). Investment Policy In order to seek to achieve its investment objective, the Manager will use a replication strategy by investing directly in the underlying equity securities, being the stock, American depository receipts (ADRs), and global depository receipts (GDRs), that consists of the component securities of the Index.
Vastaavan tyyppisiä ETF:iä
Nimi12 kk
iShares S&P 500 Information Technology Sector UCITS ETF USD (Acc)
+23,33%iShares Automation & Robotics UCITS ETF USD (Acc)
+31,3%iShares MSCI Global Semiconductors UCITS ETF USD (Acc)
+125,19%Xtrackers Artificial Intelligence & Big Data UCITS ETF 1C
+34,45%iShares Digital Security UCITS ETF USD (Acc)
+20,43%Uutiset
Ei uutisia tällä hetkellä
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Foorumi
Liity keskusteluun Nordnet Socialissa
Kirjaudu
- ·1 päivä sittenA small summary of the week's most important events for the AI and semiconductor sector: • The Fed left interest rates unchanged, although the tone was somewhat more hawkish than the market had hoped. • Microsoft delivered a very strong report. Azure continues to grow strongly and the company signaled continued large AI investments. • Amazon showed strong AWS growth and confirmed that demand for AI infrastructure is still very high. • Meta continues to invest heavily in AI. The market reacted negatively to the increased costs, but the investments simultaneously show that the AI race continues. • Apple had a more limited significance for the AI infrastructure case. My conclusion: The largest hyperscalers are not slowing down their AI investments – quite the opposite. They continue to expand data centers and invest in computing capacity, which in the long run is positive for the semiconductor sector. I therefore still see pullbacks as potential buying opportunities rather than a reason to abandon the case.It would be interesting to see your portfolio and how you yourself have positioned yourself based on this scenario.
- 2 päivää sittenA Chinese state-backed company began mass-producing immersion deep ultraviolet (DUV) lithography machines (previously dominated by Western firms like ASML) sparked fears of faster progress in China's domestic advanced chipmaking. The strong Shanghai debut of Chinese memory maker ChangXin Memory Technologies (CXMT) added to worries about increased competition, particularly in memory (DRAM/NAND), potential oversupply, and pricing pressure for players like Samsung, SK Hynix, Micron, and equipment makers.That's how it has always been, the Chinese come in and take margins from the Western companies. Nothing but expected. That's why I don't understand these premium valuations on certain semi companies, as they will get margin pressure from China at some point. Some of these shares are priced as if competition will never enter. Doesn't work like that:)
- 2 päivää sittenTrend reversalThere was negative gamma in the market, so this was short covering and means nothing. It was expected in an oversold market. There is a tonnn of supply right above here, and in my eyes, this is still nothing more than a lower high… one cannot say anything is back until it has taken out critical levels. The difference between this time and many of the previous ones is that we have sold down slowly but surely. It wasn't the famous elevator down, where it's much easier to come back. (Less overhanging supply), I wouldn't celebrate too early. That Amazon and Microsoft would do well was also expected. They both have some problems in their financial statements that I see. Microsoft is increasing its depreciation periods on data centers to 25 years. In that industry itself, there is nothing in a data center (other than the fiber) that lasts 25 years, nor 10 years. So what they are doing is a big question mark to me and it's not good. Why do they have to prop up their revenues with lower depreciation? Things like that usually blow up. I am looking for a new entry for my shorts again, which I took off the other day. A trend does not change in one day; technical levels must first be broken, tested, and held. This was a day of short covering. See picture of Nasdaq and that square there is overhanging supply, where the shirt sellers are, these lines must be broken before you have a trend change. We took one out, but we are not yet at the levels where sellers come in. As others say here, we have a mid-term election which historically is quite negative times along with autumn in general. But that usually doesn't come until September. So we'll see. No cheering here at least. This is the most unstable market I have seen in 15 years. It is not normal to see trillion-dollar companies go up and down 10% in one day; it is a sign that we have extreme volatility in the market and something is not quite right. It has been like that for several months now, and for me, that often indicates the end of something vs the start of something. We'll see, I hope I'm wrong, but it's not good to see indices and these giant stocks move like this. Casino tendencies, no one buys stocks anymore, everything is short contracts with options and leveraged ETFs that create massive volatility. Normal price Discovery has completely disappeared. There were some massive darkpool transactions that happened both in qqq and semis here at the end of Wednesday, so some knew:) there is always someone who knows :) see pictures
- 2 päivää sittenRead this!!!!! https://pinetreemacroresearch.substack.com/p/the-ai-capex-bubble-bigger-than-you?r=8u5zi&utm_medium=ios&triedRedirect=trueSo we should continue to increase the holding, it will go up again, you know.
- 2 päivää sittenBrace for the Digestion Period!!!! Historical semiconductor cycles show this pattern clearly: boom → overbuild → sharp correction → multi-quarter digestion with weaker pricing and capital destruction. The deeper episodes have required either a valuation bubble unwind or a broader macroeconomic shock. Both elements are present now. For retail investors who are still sitting on profits from the first-half 2026 run, this is the practical reality. The remaining upside in chasing the falling knife is asymmetric to the downside risk over the coming quarters and potentially years. A more rational move is to lock in gains and park capital in something that has historically held value when risk assets are under sustained pressure. GOLD has served that role across previous cycles of financial stress, monetary uncertainty, and equity market digestion periods. It does not require forecasting the exact bottom in semiconductors or the precise depth of any recession. It simply provides a defensive store of value while the feedback loop in the AI/semiconductor complex runs its course. The technology is real. The financial excess layered on top of it is now unwinding. History shows these unwindings are rarely clean or short. Retail investors who treat the current drop as a temporary dip rather than the early stage of a longer adjustment are the ones most exposed.2 päivää sittenYou’re looking for clean, confirmed evidence of hyperscalers already cutting. That’s the ideal-world version of events. We don’t live in that world. In the actual world — the one driven by capitalist greed, competitive pressure, and narrative momentum — the big spenders keep writing checks long after the returns start looking questionable. Free cash flow doesn’t make them disciplined. It gives them more room to stay aggressive while the story is still alive. Microsoft affirming spend and Meta raising guidance is exactly what you should expect at this stage. They will keep pushing until the market or the numbers force them to stop. The market isn’t waiting for formal guidance cuts. It is already pricing the next stages of the feedback loop: • Crowded positioning breaks • Valuations compress • Cost of capital rises • Order growth slows • Inventories build • Pricing power fades • Earnings disappoint • Recession risk climbs • Demand gets cut harder That sequence is the tip of the iceberg turning into the full structure. Historical semiconductor cycles show the same pattern: the market recognizes the excess first, the actual spending cuts arrive later. By the time the hyperscalers publicly slow, a lot of the damage in secondary names, memory, equipment, and equity valuations has already been done. So what’s missing in the “they’re still spending” view is the incentive structure. Greed and competition keep the spending elevated longer than pure economics would justify. The market is starting to price the consequences of that delay. That is why the semiconductor complex is breaking even while the official capex numbers still look strong. The cuts will come. They almost always do once the returns narrative cracks. The question is how much capital gets destroyed in the meantime.
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Nordnet Socialin käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Tarjoustasot
Ei dataa
Omistukset
Päivitetty 30.7.2026
Jakauma
- Osakkeet100%