Franklin’s framework is especially relevant for September:
the AI bull thesis may remain intact, but that doesn’t mean every AI stock is a buy.
I’m still bullish on semiconductors because AI demand is expanding beyond GPUs into HBM, networking, optics, power and cooling. Nvidia’s results prove demand is strong, but expectations are now extremely high. The key question is no longer “Is AI growing?” but “Is growth strong enough to beat what the market already priced in?”
For September, I’d watch long-term Treasury yields closely. Rising yields can compress tech valuations even when earnings remain excellent.
My approach is to buy confirmation, not excitement. QQQ can remain a core position, while SOXL and TQQQ should be tactical tools with strict sizing.
Macro → Industry → Technicals → Risk.
The AI story tells us where to look. Risk management decides whether we survive the volatility.
@TigerClub [龇牙]
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