Comparative Valuation of Four Leading U.S. Semiconductor / Technology Companies (Intel, AMD, NVIDIA, Micron Technology)

This technical note compares four leading U.S. semiconductor and technology companies—Intel, Advanced Micro Devices, NVIDIA, and Micron Technology—using both traditional valuation ratios and forward-looking, PPP-derived return metrics. Forward P/E ratios based on full-year 2025 earnings forecasts are employed to reflect market expectations. The analysis shows that the resulting dispersion of P/E ratios is economically incoherent, while the structure of risk-adjusted expected returns, measured by SIRRIPA, is tight and economically meaningful. By incorporating earnings growth, discounting, and risk within a disciplined framework—where growth converges toward the cost of capital—the PPP approach enables coherent cross-equity and cross-asset comparisons, highlighting its superiority over conventional valuation ratios.