AI semiconductor market is in the middle of the bull market in 1995 or after the foam in 2000

The Philadelphia Semiconductor Index SOX is in an overbought range, with the SOX to Magnificent 7 ratio rising to its highest level since 2019. The Market Ear believes that the simultaneous increase in spot prices and volatility makes the structure fragile. The comparison between MSCI Global Semiconductor Equipment Index and the trend of NASDAQ from 1996 to 2003 shows that the current market has both the shadow of a bull market relay and the outline of the post foam period. The Gamma rebalancing scale of South Korean leveraged and reverse ETF traders may exceed 20% of KOSPI's daily trading volume. There is a divergence between stock market and interest rate volatility, and the S&P 500 index has not fully reflected the signal of a decrease in bond volatility.