Analysts calling for permanent 50% margins in semis. Market pricing 18x.
That spread tells you everything. Nobody believes the margin story — and they're probably right. Cyclical businesses don't get structural re-ratings just because AI showed up.
When the multiple is that low despite the hype, the street is quietly saying "we've seen this movie before."
That spread tells you everything. Nobody believes the margin story — and they're probably right. Cyclical businesses don't get structural re-ratings just because AI showed up.
When the multiple is that low despite the hype, the street is quietly saying "we've seen this movie before."