A day like today can simply rebalance some of the damage from the past few weeks. It does not automatically mean the correction is over or that everything is on its way back to new highs. I was one of the few warning that semis and memory were vulnerable to a 40–50% correction just 1 month ago https://t.co/viUNhTdDJq That has largely played out, but a stock like $NBIS rallying 30% in one session or $MU up +18% does not, by itself, confirm that a durable bottom is in. The broader backdrop still matters. The US30Y finished higher on the day, while GDP estimates came in below expectations. Not necessarily the combo you want to ignore when evaluating the mid-term price expectations of long-duration growth assets. I remain extremely bullish on the broader AI infrastructure theme, but that does not mean every part of the trade is equally attractive either. Some stocks like $IREN and $CRWV moved into far more compelling valuation territory this last week. Semis / memory, in my view, have not. These stocks can continue higher from here, but I wouldn't be surprised to see many of them stall below their prior highs and form lower highs instead. IF that happens, the rally will look less like the beginning of a new leg higher and more like a reflexive bounce within a broader correction. Those would be opportunities worth getting excited about.