This technical note compares four leading U.S. semiconductor and technology companies—Intel, Advanced Micro Devices, NVIDIA, and Micron Technology—using both traditional valuation ratios and forward-looking, PPP-derived return metrics. Forward P/E ratios based on full-year 2025 earnings forecasts are employed to reflect market expectations. The analysis shows that the resulting dispersion of P/E ratios is economically incoherent, while the structure of risk-adjusted expected returns, measured by SIRRIPA, is tight and economically meaningful. By incorporating earnings growth, discounting, and risk within a disciplined framework—where growth converges toward the cost of capital—the PPP approach enables coherent cross-equity and cross-asset comparisons, highlighting its superiority over conventional valuation ratios.