[DBS: NVIDIA's valuation is still low and AI stocks are far from a bubble] On October 5, Hou Wey Fook, chief investment officer of DBS Group, said that NVIDIA's price-to-earnings ratio and its expected 70% earnings growth next year indicate that technology stocks driven by artificial intelligence are still far away from a bubble. Aggregated data shows that Nvidia's current 12-month price-to-earnings ratio is 17 times. Hou compared that to Cisco Systems' valuation of about 100 times before the dot-com bubble burst. He said in a TV interview: "If the representative company in the field of artificial intelligence is defined as Nvidia, and its current price-to-earnings ratio is only more than ten times, how can we say it is a bubble?" He added that there are still "tailwind factors" for semiconductor and artificial intelligence investments. However, Hou recommends using a "barbell strategy" to "control the overall volatility of the portfolio", that is, allocating technology stocks on the growth side, while matching investment-grade fixed income assets to provide stable returns, and using hedge funds and gold as intermediate risk diversification tools.