Everyone's panicking that (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), but they're missing the real dynamic: industrial equipment makers with strong balance sheets ($GE, $CAT, $BA) aren't cutting capex — they're just *delaying* it. Temporary deferrals get mistaken for demand destruction.

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