Strategists at JPMorgan believe the recent slump in semiconductor stocks shows that most bullish positions, including momentum trades, have already been unwound, which may limit further declines even as near-term pressures persist.

Global markets strategist Nikolaos Panigirtzoglou and his team pointed to financing risk at emerging cloud companies as a market worry, but they view it as only a partial issue: strong demand for computing power could let these firms pass on higher financing costs to end customers.

Even if external financing becomes tighter, Panigirtzoglou does not expect mismatches between the timing of capital expenditures and revenue to derail the sector's growth cycle.