Barrons
22 Oct 2026, 19:41 UTC · 1d ago
Even Market Bull Ed Yardeni Sees Irrational Exuberance in Chip Stocks
Impact · against what's priced in
The sentiment shift from Ed Yardeni and the pressure from Lam Research results reinforce the market's existing skepticism regarding the semiconductor sector's long-term growth. For LRCX, this news validates the price's current refusal to pay for sustained high CAGR and increases the probability of a cyclical peak.
- LRCX−0.10
Already priced in
- The price assumes
Avoiding a cyclical downturn or HBM overbuild
The market is already refusing to pay for sustained growth and treats a cyclical downturn as highly probable; Yardeni's warnings of irrational exuberance and the pressure from recent results simply confirm this existing bearishness.
What LRCX's price assumes · Sep 4
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