TREE NEWS reports: DBS Group chief investment officer Hou Wey Fook said Nvidia’s valuation and its projected 70% earnings growth next year show AI-driven tech stocks are far from bubble territory. Nvidia’s forward 12-month price-to-earnings ratio stands at 17 times, which he compared with Cisco Systems’ roughly 100x multiple before the dot-com crash. “If the poster child of AI is Nvidia and it’s trading at only a teens multiple, how can you call this a bubble?” he said, adding semiconductor and AI investment still face tailwinds.
DBS CIO: Nvidia Still Cheap, AI Stocks Far From a Bubble
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AI take
The comparison to Cisco is the substantive part: it frames today's AI leadership as trading on earnings rather than narrative, which is the opposite of the dot-com setup. That matters because the bubble debate has been running on price action, not multiples, and a bank CIO anchoring it to forward earnings shifts the terms of the argument. The open question is whether the projected growth underpinning that multiple actually lands — if it does, the bubble talk looks premature; if it slips, the same multiple stops looking cheap.
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