GAM’s Paul Markham warns chip stock selloff isn’t a buying opportunity yet

Paul Markham, the head of global equities at GAM Investments, has a simple message for anyone eyeing chip stocks right now: don’t. Speaking on July 28, Markham argued that the recent global selloff in semiconductor shares hasn’t cleared enough froth to make them attractive again. Too many passengers on the same side of the boat Markham’s core thesis is about positioning, not fundamentals. Investor ownership in chip stocks remains excessively concentrated, which means the selloff could have further to run before it creates genuine value. “There are so many people on the same side of the boat.” Back in February 2026, he flagged similar risks tied to AI hardware companies and the escalating capital expenditure budgets from major technology firms. The concern then was that Big Tech’s spending spree on AI infrastructure had gotten ahead of actual revenue generation from AI products. Why crypto investors should care about chip stock positioning Markham notably made no references to crypto tokens or digital assets in his commentary. It suggests that institutional strategists are evaluating AI infrastructure purely through the lens of traditional equities and semiconductor supply chains, n...