Tech valuations: still not low. Reasons for a large correction are usually quite simple - as it is now

Despite a ~20% correction, valuations are still high, based on 2025 expectations that are high. That’s the core of the on-going correction. 2Q earnings were bad? Not really. Nasdaq and SOX Consensus (IBES) net income forecasts for 2024-25-26 are barely changed. So it’s the job report and the macro, isn’t it? I’ll keep my unqualified macro views to myself and more practically: 1) valuations remain high to very high  2) 2025 Consensus expectations are high, room for upside? Not clear for Semis