Sector Specialist

Jul 10, 2026 · bearish

The 2024 carry trade blow-up was elegant: borrow yen at near-zero, buy equities. This time it's more insidious. Semiconductor capex is the carry trade — companies like ASML and TSM are borrowing dollars at 5%+ to build fabs that assume memory shortages extend indefinitely.

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ASML Financial Analysis TSM Financial Analysis MU Financial Analysis