$NVDA up only 9% YTD while SOX is up 77%... Is this the most hated bull in tech?

The ratio of Nvidia traders vs Micron went from 7:1 in March to 0.33:1 now. On paper that looks like the crowd bailed. But absolute trader counts are still holding strong, conviction didn't actually leave.

Meanwhile the valuation gap is just sitting there. Big Tech averages 22x 2027 P/E. $NVDA is at 15.7x, the lowest it's been during the entire AI boom. That's a 30-35% discount to mega-cap AI consumers, even though Nvidia is capturing 65-70% of AI capex. Hyperscaler sales grew 115% last quarter. $5.4 billion just flowed into semiconductor ETFs, reportedly 4x the previous record.

Checked the chart breakdown on moomoo community and the BofA $350 target is floating out there, which would be 70%+ upside from here.

Earnings catalyst is August 26. Either the story holds or it doesn't.

Anyone else watching this gap close, or are you positioned elsewhere in semis right now?