Bob, you make a lot of good points as always.
IMO I will put it this way. It is probably true there is some "slowdown" in the growth of the semi sector, but it has been so strong for a long time a breather is to be expected. However, almost none of the articles written lately are just that, a prediction of a slowdown in growth, but not a retrenchment. This is key because arguably most of the stocks in the sector are presently grossly undervalued compared to past evaluations. In other words, the market is already pricing in a big retrenchment in earnings of most of these stocks. It is hard to see that a slowdown in growth is going to knock down earnings.
Again, IMO, there is a lot of "noise" out there about tariffs, inventory buildups, etc, but to think that overall semi growth is coming to a halt or retracting in this day and age is nonsense. This is the future area of continuing growth and if anything, over the long term, it will accelerate from this point onward.
As always, the final answer will be shown as time goes forward.
Don
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