Klein: Semiconductors are the most cyclical and anticipatory for future fundamentals.

Jordan Klein, Managing Director at Mizuho Securities, discusses the semiconductor market's cyclical nature and current uncertainties like tariffs and demand. He notes that excluding NVIDIA and AI, sectors like memory and PCs are underperforming. Investors are cautious, preferring a wait-and-see approach. Klein mentions that resolving political uncertainties could help semiconductor stocks recover.