Tom Lee: Tech Valuations Have Fallen More Than Investors Realize

Tom Lee says headline valuation multiples are masking how inexpensive parts of the technology sector have become:
Semiconductors trade near 25x earnings , but excluding $AMD and $INTC brings the group into the mid-teens, while $NVDA trades around 16x
Memory stocks average roughly 7x , but excluding $STX lowers that figure closer to 5x
Software trades in the teens when excluding $PLTR
$MU trades at just 4.8x forward earnings , about 1.7 turns below its 10-year average and down from nearly 13x eight months ago
This valuation compression has persisted even as mega-cap technology, software, and $ETH have begun recovering.