TSMC’s results make me reluctant to cut semiconductor exposure after the sell-off. Record profit and strong guidance suggest the underlying AI chip demand story remains intact, even if valuations and higher rates are creating much more volatility.

Among the choices, I would favour Nvidia first. TSMC’s strong leading-edge demand supports the view that AI accelerator spending has not collapsed. AMD is worth watching, but I would want clearer evidence that its order growth and market-share gains are translating into sustained earnings before becoming more aggressive.

The bigger caution is SOXL. A 13% one-day fall shows how quickly 3x leverage can punish investors when semiconductor sentiment turns. Even if the long-term AI thesis remains intact, leveraged ETFs add another layer of timing risk.

My preference: NVDA > assess AMD orders > SOXL.

TSMC suggests the AI cycle is still alive. The question now is whether chipmakers can deliver enough earnings growth to justify their valuations in a higher-rate environment.