Bloomberg Surveillance · Tuesday, July 28, 2026
Laurie Kelvasina of RBC Capital Markets noted that the momentum trade in semis has gone on longer than expected, with valuations now hitting average levels over a five or thirty-five year span. Clients are increasingly asking what else to look at beyond AI and tech, as opportunities in those sectors have become less interesting.
“And what our work is showing on the semis is that you've hit the average valuation levels if you look at sort of a five or thirty five year average.”
“And frankly, a lot of the choices haven't been that interesting to people. So you get kind of stuck in those.”