JPMorgan says semiconductor selloff may be nearing end as longs unwound

The signal here is positioning, not fundamentals: JPMorgan is arguing the mechanical pressure from unwound longs has largely played out, which matters more for near-term volatility than for the sector's demand story. The quieter point is the financing-risk flag for newer cloud entrants — if compute demand stays strong enough to pass costs through, that cushions a channel that has been a source of stress. Whether momentum positioning is genuinely clean, and whether cloud pricing power holds as financing conditions tighten, are the open questions worth tracking.