$SK hynix(SKHY)$ $Micron Technology(MU)$ Kospi has finished its retrace and is heading back up. SK and Samsung aren't that oil sensitive, so selling them just because oil is high doesn't quite make sense to me. The same logic should apply to other semis, and maybe those names will get a fresh look again.
You don't sell the most profitable stocks on the planet that aren't oil sensitive while buying other stocks that don't make money and are highly sensitive to oil shocks. That's just dumb.
Semis and memory aren't making money off the consumer right now, and that likely won't change for quite some time. Their key customers aren't really sensitive to anything but politics—just politics.
Everyone in the space is supply constrained for the next several years, and even beyond that there's real concern things simply won't get better. The have-nots, those not getting product now, have to kick the can down the road until they can get fit in, just to displace someone else. Money determines your position in the queue.
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