Key points
S&P 500 semiconductors forward P/E relative to the S&P 500, since 2020 ｜ Now 0.75x (13.8x vs 18.3x), 45% below the January peak and under the 1.18x 5-year average
Image source: @Barchart
2026-11-06
Semiconductors Trade at 0.75x the S&P 500's Forward P/E, the Widest Discount Since 2018