The narrative today is straightforward: Samsung disappointed, AI demand isn't as explosive as Wall Street modeled, semis are rolling over. Market's doing what it does — drawing a straight line from one quarter's miss to sector-wide capitulation. But here's what's buried in the filing details that the momentum crowd is missing. Balance sheet quality in semiconductors has been deteriorating for the last 8 quarters even as headline earnings held up. Accrual ratios are widening.

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