Bank of America presents a striking view today: The valuations of $NVDA, $AVGO, and $MU have reached levels similar to Cisco after the dot-com bubble burst. As the entire semiconductor market continues to decline amid concerns over an AI bubble, Bank of America analyst Vivek Arya today offered a highly noteworthy assessment: The current valuations of leading AI chipmakers are approaching the levels seen by Cisco following the collapse of the dot-com bubble. According to his analysis, the average forward P/E ratio for $NVDA, $AVGO, and $MU is approximately 13x. Cisco, after the dot-com bubble burst, traded within a range of roughly 10x to 20x earnings. The most counterintuitive aspect here is this: Unlike the dot-com bubble, the AI industry has not experienced a broad-based collapse—yet certain core chip companies are now trading with pricing characteristics reminiscent of post-bubble valuations. Why? Because stock markets reflect not only current earnings but also investor confidence in future growth. When markets worry about slowing AI capital expenditures, rising financing costs for data centers, and potential oversupply of future computing power, investors may be reluctant to assign high valuations—even if current earnings remain strong. But this also creates a compelling opportunity worth studying. If $NVDA continues to maintain its competitive advantage in AI computing platforms, $AVGO further expands its custom AI chip and high-speed interconnect businesses, and $MU’s demand for HBM remains robust, future earnings growth could sharply diverge from today’s low valuations. Of course, a forward P/E of 13x does not automatically mean these stocks are cheap. If future earnings estimates are significantly revised downward, actual valuations could rise rapidly. What truly matters is not how low the P/E ratio is, but whether earnings growth can be sustained over the next two to three years. The core question Bank of America raises today is this: Is the market pricing an industry that is still growing as if the AI bubble has already burst? That’s why long-term investors must carefully examine both corporate fundamentals and market expectations—not simply judge industry prospects based on short-term stock price movements. Do you believe the current valuations of $NVDA, $AVGO, and $MU have fully priced in the potential risks facing the AI industry—or is the market still underestimating future earnings growth over the next few years?