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Wells Fargo is no longer telling investors to stay away from the AI infrastructure trade. In a new note, analysts led by Ohsung Kwon raised the firm's view on US AI infrastructure to neutral from negative. The change follows a deep selloff. Semiconductor shares trade about 38% below their June highs, and the multiples investors pay for them have compressed. At current prices, the analysts said, valuations imply earnings growth of only about 8% a year. A compressed multiple means investors now pay less for each dollar of expected profit. That can happen even while earnings keep rising, which is why a stock can fall while its business improves.
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