Think more about what to do if rate hikes actually happen, instead of being blindly optimistic. From a political perspective, Trump wouldn’t allow hikes, so the Fed’s core strategy is to keep being hawkish, creating market expectations for rate hikes. This then touches on the Fed’s independence, leading to volatility. The market wants to price semiconductors higher, but it can’t. This is the argument I made about storage a few months ago. The market is always pricing in future expectations, not the events actually happening right now.