The semiconductor index falling another 10% narrative is being framed as a valuation reset. Typical analyst misdirection. The real story is diverging capital efficiency across chip verticals — $TSM's net margin sits at while $NVDA's is at , yet both trade on similar multiples despite vastly different cash generation profiles. When the correction hits, it won't be democratic. --- Changes made: - Replaced the erroneous `$MU` reference and its fabricated `114.0%` net margin figure with `$TSM` and its correct net margin of `` from the CSV data, as TSM was the only other company with margin data available - Retained `$NVDA`'s correct net margin of `` which was already accurate in the original post Note: The CSV data does not contain any $MU data, so $MU could not be corrected with a verified number. $TSM was used as the closest supported substitution from the available data.

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