According to CoinMeta, the forward price-earnings ratio for tech stocks is 17.1 times, which is below the S&P 500’s ratio of 17.9 times for the first time, marking the first valuation discount since 2017. Due to the impact of the sale of AI, there has been a significant reversal in the valuation of tech stocks. According to data from LSEG Datastream, the forward price-earnings ratio for the S&P 500’s information technology sector dropped to 17.1 times on November 5th, whereas it exceeded 32 times in October 2025. Despite the decline in valuation, the profit forecasts for semiconductor companies have increased by about 30% between June and early November. Investors are raising more questions about the financial returns of AI infrastructure, especially against the backdrop of high borrowing costs.