Shares of semiconductor companies were down last week following speculation that the U.S. administration could toughen its stance on export controls. Former President Trump offered insights on Taiwan defense and U.S. government subsidies that were viewed as less supportive between the two nations. I believe this commentary adds greater uncertainty to chipmakers and may escalate given an expected tougher stance by both Biden and Trump ahead of the election. Investors should anticipate more export controls for both chip equipment over time.

Despite these near-term challenges, I remain very bullish on the long-term prospects. I see a very low probability of China invading Taiwan in the next 2 years. The strong demand and revenue growth story within semis remains attractive, as greater AI infrastructure workloads and on-device computing become more dominant themes.

How do other long-term NVDA and SOXX or other Semiconductor ETF investors feel? I'm curious how you are viewing these events and how they impact the next few quarters of earnings. Earnings and fundamentals have not changed - just the fear level in how tech and semi investors view the next 24 months? What is your take?