Growing Risk Of Semiconductors Rolling Over & Dragging The Market Down With Them | Lance Roberts

**Lance Roberts** (0:01)
This has been what's really kind of driving the market as of late. It's been semiconductor stocks, this is SMH, and it's kind of building a pretty defined head and shoulders pattern. And again, it hasn't broken down yet, but I think this is the one thing to watch because if the market's really been driven a lot by the now 18% market cap weight of semiconductors, if these things do reverse, there is going to be a drag in the market. And this is where all your momentum chase is right now.

**Adam Taggart** (0:31)
Welcome to Thoughtful Money, I'm Thoughtful Money founder and your host, Adam Taggart, welcoming you here at the end of the week for another weekly Market Recap, this time featuring my good friend, the semi-quincentennial portfolio manager, Lance Roberts. Lance, how you doing?

**Lance Roberts** (0:48)
Fine, what happened to last week's title?

**Adam Taggart** (0:51)
So last week, I introduced you as the sesquicentennial, and sharp-eared listeners caught the mistake. Semi-quincentennial is for the 150th anniversary, but for the 250th anniversary, it is semi-quincentennial.

**Lance Roberts** (1:11)
Well, as old as I am, both were correct.

**Adam Taggart** (1:14)
Exactly.
Both apply to you. You've hit both milestones in your very, very, very long life. Exactly.

**Lance Roberts** (1:22)
Me and George Washington.

**Adam Taggart** (1:24)
You and Washington, just like that. Yeah. As a matter of fact, I think they were considering you for the job back then, but they thought you were too old.

**Lance Roberts** (1:31)
Yeah, I was. They said, we need a bunch of 30 and 40-year-olds to run the government. And I was already in my 50s then. So yeah, I mean, I was just aged out already.

**Adam Taggart** (1:43)
Well, I'm glad you dragged your bones here for another week of this abuse with me. All right. So lots to catch up on. And I do want to kind of dig a little bit more deeply this time with you into AI, Lance. I've got some interesting insights on both sides of the AI story. And I know you just wrote a piece as well. So we'll roll up our sleeves and get into that in a second. Folks, just a couple of quick updates beforehand. I had an amazing Fourth of July, Lance. I hope you did too. I'm going to talk about it in just a sec. I just got back from the Rick Ruhls Symposium. And for folks that were there and might be listening to this, I just want to say thank you. Lance, you got to come to one of these things with me sometime. Sure. It's a great symposium, Rick's conference there. But just the amount of really undeserved, super positive feedback and goodwill that folks have for this program. And crazily to me, for you and this weekly Market Recap.
Crazy.
But folks, I just want to say it is super meaningful and people said some incredibly nice things. But the best thing, Lance, of all the feedback, of all the very nice feedback, are the people that come up and say, boy, you really educated me about money and about investing. And as a result, I am in a much better place in life than I was two years ago, three years ago before I started to listen to you guys. The fact that people are using this information productively and constructively to improve their personal station in life, I just can't think of any kind of better feedback to receive than that. So I wanted to share it with you because you're a big part of that.

**Lance Roberts** (3:29)
Appreciate it. No, I think that's awesome. Let me know sometime when you go to one of these things and let me see what Macalibre looks like and we can try to do that.

**Adam Taggart** (3:37)
Okay. I'll tell you this is such a high-quality problem. But it's oftentimes very hard to walk across the room in less than like two hours. Because people are coming up and waiting their turn to talk to you and whatnot. You might take a step and then have another 15-minute conversation, take another step of another 15-minute conversation.
Andy Sheckman was there, who's the CEO of Miles Franklin, who's the precious metals, the officially endorsed precious metals provider for Thoughtful Money.
We were going to go have dinner, and so I called him and he said, yeah, come to my booth. I got near Andy and I eventually was standing back to back with him. It was probably about two and a half hours before he and I could actually talk to each other, because he was mobbed by so many people, and I fortunately had so many people that wanted to talk to me. It was just amazing. Again, just the energy and the goodwill and the intent, and all the really fascinating things that people had to share. So yeah, Lance, I think you'd have a really good time. Real quick folks, just quick crib notes for the Rural Symposium. Probably not a huge surprise, but a lot of love there for the critical minerals. The government maintains a list of critical minerals, and with the whole renewed focus on national security, and of course, with the war in Iran and the other military engagements that are going on, there's just a huge amount of government funds going into these companies. And so that was a big focus of the conference. Obviously, people think a lot of those minerals and their producers have a really good outlook right now.