The Risk-On MachineThe market's favorite themes keep getting stronger. Semiconductors are ripping, AI enthusiasm remains elevated, volatility is unusually well bid and historical analogs continue to point higher. Whether this is the start of something bigger or simply the latest squeeze, risk appetite remains remarkably resilient.Sexy SOX
The Risk-On Machine
Everybody seems worried about the next correction. Meanwhile, semis are exploding, AI remains crowded, and the 1997 analog refuses to break. The bull market nobody trusts.









