YOUR PORTFOLIO IS IN DANGER IF YOU HAVEN'T SEEN THESE NUMBERS Chipmaker stocks are trading at a 23% discount to the S&P. • Forward P/E: S&P 500: 19.0x • Information Technology: 19.6x • Semiconductors: 14.6x In other words, the sector driving the entire trend is cheaper than the very index it’s inflating. Tech as a whole is actually more expensive than the broader market. Yet chips inside it are on sale. Two possibilities: Either the market is already pricing in the cycle's peak, remembering how fast semiconductor margins can compress. Or everyone is fixated on capex and funding, and the multiples simply haven't caught up yet.