Bernstein: Semiconductor earnings revised up by 113% as AI demand remains strong

Bernstein reports that the SOX index has seen a 113% upward revision in forward earnings this year, despite an 18% valuation correction. AI demand shows no signs of slowing, with supply constraints persisting in advanced packaging, wafers, and memory. The firm maintains 'outperform' ratings on NVIDIA, Broadcom, AMD, Applied Materials, KLA, and Lam Research, advising investors to monitor the divergence between AI demand and valuation adjustments.