关税崩盘之际购买：半导体和人工智能基础设施

The "Liberation Day" tariffs on April 2 knocked the semiconductor index off nearly 30% from its highs, and even after the 90-day pause on April 9, most AI companies are still trading 30-40% below January levels. I think the market is pricing in a collapse in demand that's not reflected in the numbers: TSMC just reported a 42% year-over-year increase in March quarter revenue (TSMC Earnings Report, April 10, 2025), Broadcom expects $4.4 billion in AI revenue for the quarter (CNBC, March 6, 2025), and ASML booked €7.1 billion in orders in Q4 (CNBC, January 29, 2025). This is a 3-year high volatility portfolio built around the complete AI stack: compute, foundry, memory, equipment, and power/cooling equipment required for data centers. The risks are real, and I accept them: an escalating China trade war, industry-specific chip tariffs that have been announced but not yet detailed, and a pause in very large capital spending. This is not a diversified portfolio, nor is it the capital I will need in two years.