Rotation alert: time to shift focus from hardware to platforms.
Semis are flying at 20x sales, while high-growth platforms are still being overlooked.
Forward P/Es:
$Uber(UBER)$ → 17x
$Meta Platforms, Inc.(META)$ → 18x
$Booking Holdings(BKNG)$ → 14x
Double-digit growth with reasonable multiples… How much lower can $Uber(UBER)$ or $Booking Holdings(BKNG)$ go before it starts feeling unreasonable?
Platforms seem like the overlooked alpha play right now.
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