Politics dominates the news cycle and rarely moves markets. The value of a company comes from one thing: expectations of future cash flow.

That’s also the right way to think about the argument over whether AI and semiconductor demand is a bubble. A bubble is a verdict delivered in hindsight, when profits fail to justify the capital invested — it isn’t something you can measure today. What you can measure is earnings and cash flow, quarter by quarter. Watch those, and the noise takes care of itself.