# Thierry Borgeat Charts Chip Stock Cycles

> Semiconductor stocks peak every two years, says chart analyst Thierry Borgeat.
- Title: Thierry Borgeat Charts Chip Stock Cycles · 24/7 Wall St.
- Summary: Semiconductor stocks peak every two years, says chart analyst Thierry Borgeat. Thierry Borgeat claims chip stocks peak every two years, with recent drops…
- Keywords: philadelphia semiconductor index, sox, nvidia, applied materials, micron technology, amd, taiwan semiconductor manufacturing, broadcom, semiconductor cycle, chip stocks, market peak, inventory conversion
- Source: 24/7 Wall St. — https://247wallst.com/investing/2026/11/13/thierry-borgeat-says-chip-stocks-peak-every-two-years-his-chart-points-to-another-top
- Author: Chris Lange
- Published: 2026-11-13T22:07:13+00:00
- Read time: 1 min
- Topics: philadelphia semiconductor index, sox, nvidia, applied materials, micron technology, amd, taiwan semiconductor manufacturing, broadcom, semiconductor cycle, chip stocks, market peak, inventory conversion
## Thierry Borgeat's Cycle Pattern
Thierry Borgeat shared a weekly chart of the Philadelphia Semiconductor Index on X on November 13, 2026, with past cycle tops circled.

> Zoom out, and the panic starts to look familiar.
## Cycle Top Pattern Explained
Look for the little ovals. 2020. 2022. 2024. 2026. Roughly every two years, semiconductors climb into a cycle top, the party gets too loud, and the index falls.
## Chip Stocks Drop Hard
Over the past month, NVIDIA fell 28.86%, Applied Materials dropped 21%, Micron Technology lost 19.53%, AMD slipped 12.32%, and Taiwan Semiconductor Manufacturing fell 10.74%.
## Warning Signs of Peak
Micron's non-GAAP gross margin hit 87.0% in fiscal Q4 2026 versus 45.7% a year earlier, on revenue up 379.3% YoY.
## Inventory and Demand Shifts
AMD's inventory rose to $11.46 billion, up 35% sequentially, and DRAM's share of Applied Materials' revenue climbed to 33% from 28%.
## Long-Term Cycle Factors
Micron said more than 75% of fiscal 2027 shipments are already committed, and Broadcom forecast fiscal Q4 AI semiconductor revenue to $21.7 billion.
## What Holders Need to Track
Memory pricing, inventory conversion, equipment demand, and TSMC monthly sales are key indicators for the cycle's next move.
## Key takeaway

Thierry Borgeat claims chip stocks peak every two years, with recent drops matching his cycle pattern.