[JPMorgan: Tech Stock Valuations Have Fully Contracted, Semiconductors Outperform Software] Deep Tide TechFlow reports, according to Trend Research, JPMorgan's research report dated September 28, 2026, indicates that the technology and AI ecosystem stagnated for three months from June to last week, but valuation adjustments have been very significant in most areas. Forward earnings for semiconductors continue to rise by approximately 30%, while software has seen almost no earnings upgrades. The valuations of the seven tech giants have fallen to their lowest levels in a decade, nearly one standard deviation cheaper than the overall market. Hyperscale vendors' capital expenditures are expected to achieve a compound annual growth rate of 28% by 2030. JPMorgan believes that with cleaner positioning, sustained earnings momentum, and an intact upward cycle in capital expenditures, it is advisable to re-engage with the tech sector and re-enter the semiconductor-over-software pair trade. The adoption of AI is shifting the CPU-to-GPU ratio from 1:4 or 1:8 to 1:1, benefiting CPU-related stocks.