DBS Group CIO Hou Wey Fook says NVIDIA’s forward 12-month P/E of about 17x and market forecasts of roughly 70% EPS growth next year indicate AI-driven tech is far from a bubble.
He contrasted NVIDIA’s valuation with Cisco’s ~100x before the dot-com crash and said semiconductors and AI investments retain tailwinds.
Hou recommended a barbell portfolio to control volatility: allocate to growth tech while holding investment-grade fixed income for stability, and use hedge funds and gold for intermediate risk diversification.