Sure, many U.S. stocks look cheap after the 2022 bear market; however, investors shouldn't restrict themselves to just U.S. stocks. It's always surprising to see how cheap leading semiconductor stocks can get whenever there's a downcycle in the industry, considering the importance and growth outlook for semiconductors over the long term. Yes, the chip industry is seeing a big inventory correction in both PCs and low-end mobile phones coming off the pandemic, but if one thinks about the rise of artificial intelligence, such as the recent release of ChatGPT, the energy transition to EVs and the smart grid, the Metaverse, and cloud and edge computing, all of these applications need lots and lots of semiconductors to work.