The move is largely sentiment-led with a developing fundamental narrative, not the other way round.

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What is fundamentals (≈30–40%)

Terafab AI compute: credible long-term optionality, but no near-term revenue visibility

Domestic manufacturing tailwind: geopolitical shift favours onshoring

Some operational stabilisation vs prior lows

👉 These justify a re-rating from distressed levels, not a sharp breakout

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What is sentiment (≈60–70%)

AI halo effect: market extrapolating “next Nvidia-like upside”

Ceasefire rotation: flows into domestic / laggard tech

Short covering + momentum chasing after multi-day run

👉 Price is moving ahead of earnings reality

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Key issue

The market is pricing:

future success of Terafab

before proof of execution or revenue

That gap = valuation risk

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Technical vs reality

$55–58 support = flow-driven strength

$60 breakout needs:

earnings validation, or

concrete AI revenue pipeline

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Conclusion

This rally is early-cycle narrative expansion.

Not irrational, but front-loaded.

If execution follows → upside continues

If not → sharp pullback likely

👉 Treat it as sentiment leading fundamentals, not fundamentals leading price.