Stock price when the opinion was issued
He owned, but sold a bit early. He had a nice profit, got off the train, but the train kept going. Got rid of all chip exposure on worry that valuations were really getting out of whack on lofty sentiment. First-rate management and product. Growth is slowing, future earnings are muted, yet still over 20x PE.
If you believe in the story, you could buy a bit, tuck it away, and the potential return could be great 3-5 years from now. Problem is that technology changes so quickly, so today's winner can become tomorrow's loser. Think of INTC.
Up 100% this year and just reported a strong quarter that triggered a 23% rally in one day.