Stacy Rasgon: “Demand Is Off The Charts” in Semiconductors… And Set To Double Again Soon

Rasgon sees no semiconductor cycle peak yet—demand, not supply, is constrained by power and clean-room capacity, not falling appetite.

• Multiple compression despite doubling earnings: Sector earnings are up ~100% YoY, SOX index up ~80%, but multiples have compressed since June as investors fear a cycle peak—yet forward estimates keep rising.
• NVIDIA and Broadcom could hit 11-12x earnings: If NVIDIA grows revenue 70-100% (to ~$700B) and Broadcom doubles to $115B+ in AI revenue and again in 2028, both stocks trade at just 11-12x forward EPS.

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