Is the artificial intelligence boom masking an underlying danger in the stock market? In this episode of Risk versus Reward, host Bharat is joined by Hari Viswanath, Editor of bl. protofilo (the Research Bureau), to analyse the historic valuation spike across the semiconductor sector.

Spurred by an exhaustive study from tech analyst Nishant Gopalakrishnan, the duo breaks down the astronomical valuations of memory giants Micron, Samsung, and SK Hynix. While the current demand for high-bandwidth memory (HBM) from tech hyperscalers like Microsoft, Google, and Amazon feels unstoppable, history warns us that the semiconductor industry is notoriously cyclical.

We revisit the tech wreck of 2000 to examine how companies like Intel and Taiwan Semiconductor saw profits plummet by over 80% when the dot-com bubble burst. Are we currently witnessing genuine structural growth, or are panicking supply chains creating a dangerous bottleneck that will inevitably snap? Tune in for an essential guide to navigating today’s tech market risks.

Published on June 4, 2026