Key Takeaways
- • Thierry Borgeat argued in an X post on November 8, 2026 that the pressure on AI semiconductors resembles 1998, attributing it to a broad hedge fund unwind rather than a single blowup such as Long-Term Capital Management.
- • Borgeat separates the AI chip selloff from the AI demand story, stating that AI semiconductor stocks have plummeted while the broader AI boom has not.
- • The 1998 analogy implies that LTCM-era forced selling was followed by a sharp recovery once deleveraging ran its course, though Borgeat leaves open whether the current unwind is exhausted.
- • The post names 19 stocks to consider in the current environment, with the SOXX semiconductor ETF as the index in focus.
- • The post drew 22 likes from roughly 3,800 impressions, a modest reach that nonetheless suggests the thesis is resonating with market participants.
Summary
Thierry Borgeat posted on X on November 8, 2026 that the current pressure on AI semiconductors resembles 1998. In his view, the selloff is driven by a cluster of hedge funds deleveraging at the same time, rather than by one failure like Long-Term Capital Management (LTCM), whose collapse and the forced selling around it defined the 1998 episode.
Borgeat draws a specific implication from that comparison. The LTCM crisis was followed by a sharp recovery once the deleveraging ran its course, and he signals this outcome with a brief 'Yup' rather than stating it outright. The analogy therefore points toward a possible rebound, but the post does not establish that the current unwind has run its course.
The post also separates the semiconductor trade from the underlying AI demand story. Borgeat's quoted post argues that while AI semiconductor stocks have plummeted, the AI boom itself has not. It names 19 stocks to consider in that environment, with the SOXX semiconductor ETF as the index in focus.
The post received 22 likes from roughly 3,800 impressions. That reach is modest, and the post is an individual's market commentary rather than reporting from a primary data source, so its analysis should be weighed accordingly.
Borgeat draws a specific implication from that comparison. The LTCM crisis was followed by a sharp recovery once the deleveraging ran its course, and he signals this outcome with a brief 'Yup' rather than stating it outright. The analogy therefore points toward a possible rebound, but the post does not establish that the current unwind has run its course.
The post also separates the semiconductor trade from the underlying AI demand story. Borgeat's quoted post argues that while AI semiconductor stocks have plummeted, the AI boom itself has not. It names 19 stocks to consider in that environment, with the SOXX semiconductor ETF as the index in focus.
The post received 22 likes from roughly 3,800 impressions. That reach is modest, and the post is an individual's market commentary rather than reporting from a primary data source, so its analysis should be weighed accordingly.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.