2026 AI & Semiconductor Outlook

Happy New Year! Last year was incredible for semiconductors — and AI stocks in particular — so as tradition demands, here’s the annual outlook. Fair warning: outlooks are hard. Things change constantly, and my views will change with them.But first, let’s see who actually won.2025 Year Performance ReviewLet’s ask ourselves who won this year, and the answers are a bit surprising. If I had to put the stories of 2025 in semiconductors into a single cohesive narrative, it would be: AI spending steppe...