SOXX down 16% from June highs but Monday printed +5.5%. Dip or dead cat?

Been watching semis get absolutely wrecked since late June. SOXX off 20% from peak, QQQ dropped around 8% over the same stretch. Then Monday happens and SOXX rips 5.5% in a single session. My read: this is short covering, not conviction buying. US short positions are sitting at historical highs, and you get a squeeze like that when crowded shorts unwind fast. Still roughly 16% below June highs, so the recovery story isn't anywhere close to written. That said, Taiwan export orders came in at +59.4% YoY against a +49.5% consensus. That's not noise. AI capex demand is still real, and 61% of fund managers in recent surveys don't expect any reduction this year. I checked the chart flow on moomoo and the NVDA/AMD/MU complex looks like it wants to base here, but earnings this week will tell us if Monday's move had any legs or just trapped more longs. Personally sitting on partial positions. Not adding until I see guidance numbers. Anyone else holding through earnings or trimming into this bounce?