Chip stocks just posted their longest losing streak in 16 years—eight straight sessions down.

Yet the index is still up more than 50% this year.

This is what euphoria cooling off looks like. Not a crash. Not capitulation. Just gravity doing its thing after a massive run.

Momentum works both ways. The same crowd that chased every dip on the way up now watches every red candle with fresh anxiety.

Past performance doesn't predict the future, but human nature does. We get comfortable at the top, then shocked when things normalize.