According to research charts by Jurrien Timmer, Global Head of Macro at Fidelity, as of September 14, the S&P 500 Semiconductor Index stood at 10,781 points, with EPS growth of 143% year-over-year over the next 12 months. A 40-month cycle model, however, points to earnings growth nearing its peak. Based on a 24-month EPS valuation line, the current index corresponds to a P/E ratio of approximately 14.1, falling between 12 and 16, significantly lower than the upper limit of 20.
