Bye, Bye Lula

It seems like groundhog day at KEDM.  Wasn’t that long ago (Q4 2024-Q1 2025) when NVDA was dominating the headlines, and we were leaning into SMH/SOXX as a proxy, all the while hunting EMs.  Fast forward 6 months and here we are with NVDA & Co. still propping up the entire market at 14% of…