Worried about your chip and semi stocks? Read this first.

Good morning...

Back at the cottage, watching the glacy still morning waters, coffee in hand..

If you're worried even panicked about your Chip and Semi stocks.. keep reading...

For three sessions this week, Wall Street did its best to bury the chip trade. Micron, Nvidia, the whole semiconductor complex... sold, then sold again, on a single fear: that the AI spending boom has finally hit its ceiling.

If you own any of these names, your screen has been an ugly shade of red, and the headlines have been happy to tell you the party is over.

And then there's this..

The one man who knows that demand better than anyone was on stage and on podcasts describing the exact opposite!

Jensen Huang, Nvidia's chief executive, has spent the last few months making one argument over and over.

For forty years, he says, every computer ever built rested on a single assumption... that a human being was using it.

One person, one machine. That era, in his telling, is ending. Speaking in Taipei this spring, he put it bluntly: we built processors for humans in the past, and now we are building them for agents.

 An AI agent does not stop at one!
Huang described how a single agent, once it starts working, spins off a whole team of sub-agents to research, check databases, and run tools in parallel.

Do the Math!
One hundred digital workers for every human.
If even a fraction of that is right, the chip demand curve has barely left the starting line.

Best

- Greg

P.S. If Huang is even half right about what the agent era does to compute demand, the question is not whether to own the build-out... it is how to own it without staking your retirement on a single name.