The Multiple Expansion Signal Is Sending a Cyclic Signal

When you look at something like software versus semiconductors, and this is a relationship that people like me look at pretty often. Semiconductors continue to outperform software, but both of them are up. If there hasn't been a lot that's changed under the surface from a fundamental perspective, the multiple expansion is going to be tough to maintain. That is not an environment for multiple expansion to be supported.

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