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The stock market is experiencing a meltup led by technology stock prices in general and semiconductor stock prices in particular, especially Nvidia (chart). We turned bullish on the stock market in early November 2022. On November 30, 2022, OpenAI released ChatGPT, unleashing an awesome bull market led by AI-related stocks.
The rally in the S&P 500 Semiconductor industry has been both earnings-led and valuation-led (chart). Its forward P/E is currently 35.5. During the previous decade, its multiple was always below 20.0 and usually around 15.0. Since early 2023, the industry's forward earnings rose more than 100% as analysts turned more bullish on the prospects for this industry.
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