双瞳剪水的斯托达德 : Although the recovery process was different and long overdue, it has finally arrived. The performance of Nvidia, AMD, Intel, and Qualcomm has ushered in a reversal, and TSMC, which provides them with contract manufacturing services, will definitely benefit. As foundry companies' performance resumes growth, this will drive demand for ASML lithography machines.
In terms of valuation, due to the obvious cyclicality of the semiconductor industry, we do not use price-earnings ratios to measure valuation levels. The net market ratio is more appropriate. Currently, the SOX index is 4.9 times, and there is still room for improvement.
Moreover, throughout history since 2002, SOX valuations have been gradually rising as semiconductor technology advances. If semiconductors experience a new boom in 2024-2025, this valuation may surpass previous highs:

双瞳剪水的斯托达德 : Local currency bonds beat sovereign bonds in 2024: Morgan Stanley expects emerging market hard currency bonds to return 14% next year, while local currency bonds will return 8%. However, if emerging market currencies appreciate, local currency bonds may outperform the market, but this requires the US economy to avoid a hard landing. European economic growth accelerates, and China's economic growth improves, thus driving up commodity prices.

双瞳剪水的斯托达德 : One of the best performing growth stocks in recent years. Over the past three years, TTD's stock price has risen by more than 300% as the company has become a larger and more significant player in the global digital advertising space.
Long story short, programmatic advertising is the future of digital advertising. Unlike using manual and guessing-checking processes to run ad campaigns, advertisers around the world are increasingly using data and algorithms to automate ad transaction processes. As automation technology becomes more popular, the trend of digital ad spend remains strong, and this programmatic advertising pivot will continue for several years.
Meanwhile, the trading arm of what is widely regarded as the best and most powerful demand-side programmatic advertising platform in the world will maintain significant revenue and profit growth.