Buy semiconductors in the tariff crash

Created the day after the historic rally day: Trump suspended reciprocal tariffs for 90 days on April 9, 2025 (Reuters, 2025-04-09) after the SOX lost around 30% in six weeks. Semiconductors were exempt from the reciprocal tariffs anyway (Annex II of the Executive Order dated 2025-04-02). The fundamentals are intact: TSMC reported record profits on 2025-01-16 and wants to double sales of AI accelerators in 2025, Micron raised its forecast on 2025-03-20 due to HBM demand, ASML guides EUR 30-35 billion in sales for 2025 (2025-01-29). I buy the cycle in the fear moment: Hyperscaler capex (Microsoft, Alphabet, Amazon, Meta together announced over $300 billion for 2025) has not yet been cut. Speculative, 3 years, high drawdowns taken into account. No leverage, no options, no Chinese fabs.