Note that the typically given P/E ratio is a backwards looking number, not forwards. Intel trades at 5.5x PE for the last 12 months but 12.1x PE for the next 1

Note that the typically given P/E ratio is a backwards looking number, not forwards. Intel trades at 5.5x PE for the last 12 months but 12.1x PE for the next 12 months (estimated, obviously). Intel specifically is also not at an "all time low" - they IPO'd in 1971 and have grown significantly since then. I agree there are some bargains to be had in semi stocks, but keep in mind things may very well get worse before they get better.