[Nomura's semiconductor deep dive](https://www.marketwatch.com/story/why-its-too-early-to-call-a-top-on-semiconductor-stocks-according-to-these-highly-regarded-analysts-bb1139d4?mod=mw_rss_topstories) nails the real story: supply chain friction in advanced packaging, substrate constraints, and capex cycles that don't resolve in 18 months. That's the *structural* thesis.

Research these companies