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Ripple Effect

Hedge Funds Are All-In on Chip Stocks

Loading ...Addison Wiggin

October 27, 2025 • 1 minute, 8 second read

semiconductor
Hedge Funds Are All-In on Chip Stocks

Move over index funds and ETFs, hedge funds have now gone all-in on semiconductor stocks:

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Hedge funds now have their highest exposure to semiconductor stocks – ever. (Source: Barchart)

Typically, “hedge funds” are used for portfolio insurance against prevailing trends. Right now, they’re all in on AI chipmakers.

This isn’t a sign of a top all by itself, but we could absolutely add it to our list of features in the Anatomy of a Stock Market Bubble, we detailed last Thursday on Grey Swan Live!

~ Addison

P.S. Thanks to everyone who joined us last week. On Thursday, our Anatomy of a Stock Market Bubble on Grey Swan Live!, allowed us to review several charts and indicators, showing the case for a market bubble.

We followed that up with a quarterly review of our asset allocation strategy and our model portfolio for our annual members on Friday. All told, Andrew Packer and I spent over 2 and a half hours covering the macro environment and our specific investment plays.

This week, we’re back in the saddle with one of our Grey Swan contributors, John Robb.

Details to come, but in the meantime, it’s not too late to sign up and become a full-fledged Grey Swan Investment Fraternity member.

If you have any questions for us about the market, send them our way now to: feedback@greyswanfraternity.com.

Marin Katusa: Silver Miner Q4 Earnings Will Set Records

January 16, 2026 • Addison Wiggin

Mining stocks amplify everything. First Majestic went from losing money to 45% margins without building anything new. They just held the line on costs while silver did the heavy lifting.

That cuts both ways. If silver drops hard, margins compress just as fast. Same leverage, opposite direction.

The miners with the lowest costs and cleanest balance sheets will hold up best in a pullback and capture the most upside if the deficit keeps grinding.

Marin Katusa: Silver Miner Q4 Earnings Will Set Records
“Dispersion Rising”

January 16, 2026 • Addison Wiggin

Economists at Goldman Sachs said this morning they expect core inflation to finish the year around 2% even while GDP rises at a “surprisingly strong” 2.5% clip.

In our view, their inflation forecast is optimistic. Their GDP call? Modest.

The last time we pumped this much liquidity into the system — 2020 through 2022—the result was a manic asset bubble, runaway inflation, and an epic hangover at the Fed.

Goldman’s optimism has triggered a fresh round of bullish bets: cyclical stocks are rallying, “dispersion” in the S&P 500 is spiking, and the Fed is expected to cut interest rates twice before Jerome Powell gets kicked out of Washington at the end of his term on May 15.

“Dispersion Rising”
The Boom Behind the Data

January 16, 2026 • Addison Wiggin

Anecdotally, we’re hearing stories of warehouses full of GPUs sitting unused for lack of energy to power them. It’s a natural feature of the heavy capital investment in new machines. The grid has to catch up!

While Trump’s great reset rolls on in 2026, keep an eye on modular nuclear reactors and increased demand for uranium, natural gas and related resources.

The Boom Behind the Data
The Economics of Precious Metals Stocks Today

January 15, 2026 • Shad Marquitz

These PM producers are literally printing the most ‘hard money’ that they ever have at these metals prices and record margins here at the midway point in Q4.

If there ever was a time for this sector to get overheated and frothy, this would be it… only that isn’t what we’ve seen playing out.

PM producers are still insanely profitable at even at current metals prices and should be far more valuable based on their margins, revenue generating potential, and their resources still in the ground.

The Economics of Precious Metals Stocks Today