(https://www.marketwatch.com/story/is-an-opportunity-to-buy-chip-stocks-nearing-these-two-big-wall-street-banks-are-divided-ba1b03af?mod=mw_rss_topstories) on whether a summer chip recovery is coming, but both are missing the macro anchor: the 10Y-2Y spread remains inverted at only 37bp. Semiconductors are duration-heavy — NVDA's ROIC and ASML's ROIC look credible on paper, but those returns are priced in across decades, not quarters.

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