Claus Aasholm

Three years ago, I had my last break. I had been divorced and was unemployed. I lived in a far too expensive house and had no prospects of returning to corporate. A few years earlier, I had begun my research on the semiconductor business, but I struggled to turn it into a business. Then Covid arrived. My timing has always been excellent. After seeking corporate pandemic cover to pay my bills, I was out of corporate prison again, and although I was not down to my last buck, I was bleeding cash.

I don’t know what will happen, but I know how it ends. This is not a new kind of hysteria; it is the same kind of hysteria we have seen before. While some of my readers write to me in disbelief that I am covering the semiconductor supply network from Denmark, and even worse, the most rural area of the country, this is a great place to observe the world. Things are flat, green, calm and sensible on the Island of Lolland.

The only thing growing is the multiples. The last few months have been pretty insane for a semiconductor analyst, as the large AI companies have offloaded their massive results on the market. There are no eye-jerks from the CEOs of the large hyperscalers when they announce they will spend 81% more on CapEx in 2026.