Related: Semiconductor ETFs Can Compute More Gains

Still, investors could be paying up for future catalysts for semiconductor and broader technology names. If there is a silver lining for the rising valuations on chip stocks it is that some industry observers believe the group’s valuations should not be measured in the traditional sense because of the evolution of the semiconductor business.

“Apple enters an iPhone announcement with momentum even before the release of its new products. The new X iPhone, supposedly the biggest upgrade in a decade and reported to cost $1,000, is also expected to be in short supply initially,” adds CNBC.

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Tom Lydon’s clients own shares of Apple.