[Bernstein Research Report Highlights Semiconductor Earnings Revision Up 113%, Strong AI Demand Continues] Bernstein's research report dated September 22, 2026, indicates that the SOX index's forward earnings for the year have been revised up by 113%, while valuations have been revised down by approximately 18%. Semiconductor sales in June grew 144% year-on-year, and July saw a year-on-year growth of 131%. Among these, memory sales in July surged 452% year-on-year, while non-memory sales grew 35% year-on-year. The valuation premium of the semiconductor sector relative to the S&P 500 dropped from approximately 62% in the previous quarter to around 17%. Bernstein believes there are no signs of slowing AI demand, with NVIDIA projecting growth of over 70% in 2027 and Broadcom hinting at potentially doubling its revenue by 2027. The firm remains optimistic about computing chips and semiconductor equipment, assigning an outperform rating to NVIDIA, Broadcom, AMD, Applied Materials, KLA, and Lam Research. (Source: Trend Research)