Semiconductor Sector Splits Into Two Valuation Tiers as AI Demand and Geopolitics Diverge
The chip industry is fracturing along a structural fault line: AI-native silicon incumbents commanding premium multiples while legacy players face compression. ASIC design costs running into hundreds of millions of dollars are locking out new entrants. U.S. rare earth bans and China's Zhenwu V900/J900 chips signal competing parallel ecosystems replacing the integrated global supply chain.
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