According to CoinMeta, after semiconductor stocks tumbled 38%, Wells Fargo raised its outlook on U.S. artificial intelligence infrastructure stocks from negative to neutral. Nevertheless, Wells Fargo warns that AI spending could put pressure on earnings in 2028. Analysts estimate that semiconductor stocks have fallen by about 38% since their June highs, making valuations more attractive, although concerns about a slowdown in AI investment remain. Wells Fargo's new stance is no longer pessimistic, but it has not issued a generally bullish recommendation. The bank believes that semiconductor stock prices have already reflected a significant slowdown in expected earnings growth. According to the analysis, current valuations imply annual earnings growth of about 8%, which is far lower than the expectations that fueled the previous AI investment boom.