Semiconductor chart overlay: MSCI semis (2022–now) vs Nasdaq (1996–2003).

If you're old enough to remember the dot-com bust, you know how this movie ends. Peak euphoria → brutal drawdown → years of sideways pain.

Not saying it's identical. But the pattern rhymes enough to make you uncomfortable.

Semis have been the AI trade. When the music stops, it won't be gentle. Most people won't get out in time — they never do.

History doesn't repeat, but it sure as hell echoes.