Semiconductors: Our shopping list given recent selloff

We would acknowledge some risk from recent events, but still see business visibility as exceptionally strong. Calling an absolute bottom is difficult, and we aren't trying to do that today - but we do think that the risk reward is significantly improving across our coverage as the selloff seems overdone. Business is exceptionally strong across the board, and talking with spenders - semiconductor customers - it seems likely to be durable. The tenor of the business is not just holding up - it is accelerating, with significant new orders coming in against fully allocated backlog every day. We force-ranked sub sector exposures by preference 1) GPU/XPU compute, 2) memory, 3) SPE, 4) analog, 5) networking, 6) CPU. Top Pick is NVDA but risk reward looking more favorable for MU/SNDK as well. To us, this all suggests a rangebound market, with the need for vibrant capital markets and resourceful management of land-power-shell constraints capping upside, but the strong tone of near-term business