Are Semiconductors Now in Bubble Territory?

Rigatoni Capital Podcast · Apr 27, 2026 · 28m

This morning I flag some caution around the semiconductor index SOXX, which has run far enough that it is hard to get excited about it from a value investor standpoint. I also dig into a structural problem with the IGV ETF and its 8.5% cap on individual holdings, which prevents true market cap weighting and makes it a sloppier vehicle than most people realize. We also talk about Nvidia's path to $10 trillion and beyond, and why CUDA as a software platform is the real engine that gets them there. Jane Street just reported a record $39.6 billion in trading revenue for 2025, beating JPMorgan…