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#NvidiaQ3Revenue100B This round of decline looks more like a valuation reset market; the characteristics of a demand collapse market have not yet appeared, and the two types of markets behave very differently. $SOXX $NVDA The feature of a valuation reset is that stock prices fall while earnings expectations remain unchanged, causing valuation multiples to be compressed. The Philadelphia Semiconductor Index has pulled back about 22% from its high, but analysts have not significantly

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