#264
Alpha Score 65.0
Andreas Steno Larsen
Founder, Steno Research
Ticker
Side
Mentions
Opened
Entry
P&L
Thesis
Theme
Source
Long
May 21
$562.58
+11.4%
Andreas is heavily invested in semiconductors (20% of portfolio) and remains bullish. He sees strong demand driven by AI, memory chips, and power semiconductors, with no signs of demand dropping. Key indicators like South Korean trade data (from SK Hynix, Samsung) are still accelerating. Micron and other executives are upbeat about scarce supply relative to demand for the next two years, giving pricing power. The semiconductor trade is crowded but the demand cycle has not turned.
AI/Semi
Long
May 21
$738.71
+2.2%
Andreas agrees with the host's suggestion that the S&P 500 could go to 8,000. He is still bullish and close to 100% invested, citing strong liquidity from the ESLR reform (freeing up ~$1.2 trillion for repo transactions) and Treasury General Account drawdown that will inject dollars into the system through June. He sees euphoric sentiment as a risk later, but not yet.
Macro
Long
May 25
$2052000.00
+15.0%
SK hynix, despite a dramatic price surge, is not particularly expensive on a forward price-to-earnings basis, and its momentum is backed by strong earnings, making it a worthwhile hold.
AI/Semi
Long
May 25
$25.24
+3.2%
HP has a strong supply chain and pricing power allowing it to pass on increased semiconductor costs to enterprise consumers, making it a beneficiary of the wafer cannibalization and scarcity in consumer electronics.
Consumer
Long
May 25
$76.04
+13.5%
Infineon in Germany is a great example of the power semiconductor space accelerating in the late cycle, as pricing power moves toward lower-margin semiconductor trades.
AI/Semi
Long
May 25
$48.39
-2.1%
India is the only EM with accelerating growth due to the removal of reciprocal tariffs and ability to buy Russian oil, making it a standout in a strong dollar environment.
Macro
Long
May 25
$751.00
+41.9%
Micron, peer to SK hynix, is also still cheap on forward PE and the speaker has been long the stock for a long while, continues to hold it.
AI/Semi
Long
May 25
$69.89
-14.7%
Wolfspeed has been the best semiconductor trade over the past month, benefiting from the late-cycle shift where lower-margin power semiconductor names accelerate.
AI/Semi
Long
May 25
$59.49
-1.3%
Energy is a key driver of PPI inflation; buying energy benefits from that inflation because when the PPI rises, you need to buy the stuff that makes it go up.
Energy
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