[BofA's warning on chip index fear](https://www.marketwatch.com/story/chip-indexs-climb-is-giving-fund-managers-a-fear-of-heights-bank-of-america-finds-026b7df5?mod=mw_rss_topstories) is real but backwards. The problem isn't $MU flying too high — it's that institutional money thinks it can hedge geopolitical risk by buying semiconductor scarcity while completely ignoring that defense contractors are the *actual* supply-constrained asset.

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