Warren Pies(@WarrenPies):Historically, semis were priced as a cyclical industry. As margins peaked, P/S ratios would fall. Over the past year, though, semi multiples have exploded as margins hit all-time highs. Either the industry has become less cyclical OR it is a sign of exuberance.

Warren Pies

@WarrenPies

Founder @3F_Research | PM $RAA | $FCTE | Formerly with Ned Davis Research | Recovering Attorney (step 4) - Not investment advice

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Warren Pies@WarrenPies

2026.06.22 12:07

Historically, semis were priced as a cyclical industry. As margins peaked, P/S ratios would fall. Over the past year, though, semi multiples have exploded as margins hit all-time highs. Either the industry has become less cyclical OR it is a sign of exuberance.