The chip rally has a dark side — and a rare market risk is at its highest level since 2015
THE SO WHAT
A wide gap between single-stock and index volatility in semis means AI hardware leaders like AMD and Micron are priced for perfection with little cushion for bad news. If your roadmap or fundraising story leans heavily on perpetual chip bull markets, build in downside cases for capex delays, multiple compression, or tighter vendor terms.
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