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The chip cycle that investors have grown accustomed to (boom, glut, correction, repeat) may be giving way to something different.

Semiconductors have rewarded patient investors more than nearly any other sector bet.

You might be old enough to remember when, in December 1996, former Federal Reserve Chairman Alan Greenspan used the term “irrational exuberance” to underscore how important it was for the central bank to take asset valuations into account when setting policy.

The two largest semiconductor ETFs just printed historic monthly gains.

It didn't take long for the semiconductor stocks to start melting up again.