DBS Group Chief Investment Officer Hou Wey Fook stated that AI-driven tech stocks remain far from bubble levels, citing Nvidia’s forward price-to-earnings ratio of 17x against projected 70% earnings growth next year. Hou contrasted this valuation with Cisco Systems’ 100x multiple prior to the dot-com crash, arguing that current metrics do not support bubble concerns for the sector's leading company. Hou noted that tailwinds for semiconductor and AI investments persist. He recommended a barbell strategy to manage portfolio volatility, combining growth-oriented tech stocks with investment-grade fixed income for stability, while utilizing hedge funds and gold as diversification tools in the middle of the risk spectrum.