Semis bubble? Software cheap? Why BofA's Subramanian disagrees

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Market Vectors Semiconductor ETF (NASDAQ: SMH) Delayed: 630.60 +12.79 (2.07%)
Previous Close $617.81    52 Week High $70.21 
Open $632.27    52 Week Low $45.03 
Day High $636.25    P/E N/A 
Day Low $628.55    EPS $0.00 
Volume 7,327,535       

iShares PHLX SOX Semiconductor Sector Index Fund (NASDAQ: SOXX) Delayed: 588.90 +12.57 (2.18%)
Previous Close $576.33    52 Week High $114.21 
Open $590.91    52 Week Low $74.84 
Day High $596.44    P/E N/A 
Day Low $587.25    EPS $0.00 
Volume 6,875,519