Halftime Report Navigating the Bull Run in Semiconductors 4/23/26
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Apr 23, 2026 
Bill Baruch, portfolio manager who focuses on technicals and position sizing; Malcolm Etheridge, active portfolio manager who highlights trims and risk management; Josh Brown, CEO and market commentator known for market picks. They debate trimming NVIDIA, ASML pricing and supply signals. They flag speculative chip rallies, discuss supply-chain plays like Integris, and spotlight a Trane breakout tied to data-center cooling.
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Semiconductor Rally Is Extremely Concentrated
- Semiconductor stocks have experienced an extreme short-term rally that warrants caution.
- Josh Brown: SMH up 31% over 16 days — the ETF's best 16-day performance since the dot-com era, signaling hot, crowded action.
Balance GPU Bets With CPU And Memory Exposure
- Diversify within the AI compute theme by adding CPU and memory names, not just GPUs.
- Bill Baruch bought ARM and highlights Intel, AMD, Micron alongside NVIDIA, citing CPUs as the 'brain' and GPUs as the 'muscle.'
Customers Are Pushing Back On Chip Equipment Prices
- Price sensitivity is emerging even for high-end suppliers as customers push back on cost.
- Malcolm Etheridge sold ASML after Taiwan Semiconductor said it had no plans to buy the next-gen EUV machines due to high cost.