Semiconductor PEs at 2022 lows: has the chip sector finally bottomed?
As seen on the 24/7 Wall St. homepage on November 11, 2026.
AI Relief Rally, Nvidia Governance and CoreWeave Earnings
- Baird's Tristan Guerra calls for Nvidia's CEO to step down and cuts the target from $500 to $200 on China export governance
- CoreWeave's beat and the CEO scrapping his stock sale plan triggered a 25% rally and broad AI relief
- Panel splits on whether semis bottomed: Broadcom down 33%, AMD down 22%, chip equipment names off 30-50%
- Goldman floats a third hike into March 2027 as Lebenthal argues for 50bp in December; retail holds up on eight straight XRT weekly gains
The bull case for chips now rests on multiples: Amoroso notes semiconductor PEs sit at their lowest since 2022, while Terranova says the bottom is in. On the consumer side the panel leans toward auto-parts repair names over discretionary retail, with record credit card debt the counterweight.
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Semiconductor price-to-earnings multiples now sit at their lowest levels since 2022, the valuation argument Amoroso made on the November 11 Halftime Report, where Terranova called the bottom outright.
Broadcom is down 33%, a compression that tends to draw value-oriented buyers back in, though the panel was split on whether the catalyst to reverse the slide has arrived.
CoreWeave's earnings beat expectations and its CEO scrapped a planned stock sale, triggering a 25% rally and a broader AI relief trade. Nvidia rebounded under a governance cloud, with Baird analyst Tristan Guerra calling for the CEO to step down over China export concerns.
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Goldman floated a third rate hike extending into March 2027 while panelist Lebenthal argued for cuts in December, and that tension frames how chip valuations get judged from here.
Record credit card debt is the panel's reason to stay cautious on the consumer, favoring auto-parts repair names over broader discretionary retail despite eight straight weeks of gains in retail shares.
Mentioned: AMD, AMAT, LUMN, GLW, EQT, LOW, WDC, AMGN, HD, MU, MSFT, CSCO, AZO, ORLY, COST
