Thoughts on tech valuations here:

1. A lot of quality software names are reasonably valued, and investors should be able to pick up long term compounders here. I've been adding to a number of them over the last few months.

2. A handful or so of high-growth software names are trading at quite stretched multiples, however, they do have a strong story behind them - consolidation, structural demand, disruption, low market penetration rates, AI, etc. And there are plenty of historical examples of picking up these types of names at even 10-20x forward sales and still catching a 5x to10x bagger in a multi-year investment horizon.

3. The semi names exposed to AI/ datacenter/ leading edge nodes are starting to trade on somewhat stretched multiples here and the risk-reward is looking obviously less attractive than one year ago. Long term, all historical evidence and common sense indicates that by far most of the profits will be made in AI software and apps, so this is an area where I've been trimming holdings and rotating in software where there is a better bargain.

4. The question around $NVIDIA(NVDA.US)$ is not its forward multiple, it is whether we get an air pocket in AI GPU demand in the coming years, causing a cyclical correction in EPS. However, looking at customers, they're clearly still investing in bigger and bigger GPU clusters, and there is good reason to think that NVDA with its strong innovation roadmap and fast cadence will capture a large part of the inferencing market. So within semis, I actually still think this is one of better valued names and I still have my position.

5. Chinese AI and tech is ridiculously cheap and I've added four names over the last months. While I appreciate the geopolitical risk, I do think valuations and growth opportunities are attractive enough to allocate part of my portfolio to this area.