Stacy Rasgon: “Demand Is Off The Charts” in Semiconductors… And Set To Double Again Soon

This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/ Semiconductor earnings have roughly doubled this year, yet chip multiples have compressed and the stocks are still well off their June highs. Stacy Rasgon, Managing Director and Senior Analyst covering U.S. semiconductors and semicap equipment at Bernstein, joins Jack to explain what the market fears and why he thinks the cycle peak isn't here yet. Fresh off his annual Silicon Valley roadshow, Stacy says demand is "off the charts," nobody has enough compute, and the real constraints are land, power, and clean rooms rather than customer appetite. He explains why Nvidia and Broadcom have lagged the "bottleneck" trades in memory, optics, and power, and why both could trade at 11–12x earnings if their growth targets hold. The conversation covers the HBM-driven memory squeeze, his path to $300 billion-plus in wafer fab equipment spending, and why he leans toward Applied Materials in semicap. Stacy also explains why he doesn't hate Intel for the first time in his career, why traditional cycle indicators may no longer work, and how today's AI buildout differs from the dot-com bubble. Recorded October 5, 2026.  Stacy Rasgon on X https://x.com/Srasgon Stacy Rasgon on LinkedIn https://www.linkedin.com/in/stacy-rasgon-6924963/ Jack Farley on X https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Important Information  The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before  investing.  There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically.  An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com/  Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies.  Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund.  Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee.  The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC.