Baird's Tech Strategist Says This Isn't 2000. So Why Is He Warning Against Buying the Dip?

Mortonson's institutional clients sold AI/semiconductor winners near highs and refuse to buy the current dip amid financing and geopolitical risk.

• No dip-buying yet: Baird clients sold semis at up 87% off the lows, avoided a 35% drawdown, and still aren't re-entering after a 6.3% SOX drop.
• Geopolitics is the overhang: Mortonson flags an Iranian conflict "phase three" risk with Brent near $115, hitting Europe's energy-dependent, AI-lagging economy hardest.

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