The Nasdaq 100 is up roughly 6% year-to-date. The SMH, the cleanest semiconductor benchmark, prints around 27.5%. The Closelook Rubin Build-Out 100 — our own index of the AI hardware supply chain — is up 65% equal-weight and just under 90% on the momentum variant.
That spread is the story. Not that semis are running. Semis always run in AI cycles. The st…
