AI Mania drove semiconductor stocks and server stocks higher for most of the year, until they got smacked in the face on July 16th. After a hard tumble, they’ve bounced back, but only partly. I suggest that the retracement is already complete, and the well-defined right triangle tops serve as powerful barriers to further price ascent. Dell is an excellent example.
![](https://slopeofhope.com/wp-content/uploads/2024/08/slopechart_DELL-640x338.jpg)