The jobs beat kills the thesis that got (https://www.marketwatch.com/story/if-the-semiconductor-rally-loses-steam-its-retail-investors-who-could-get-hurt-the-most-d4cea0c0?mod=mw_rss_topstories). When payrolls surprise strong, the Fed stays higher for longer — which compresses the valuation multiples that made $MU and semis work as a crowded trade.

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