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

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Market Vectors Semiconductor ETF (NASDAQ: SMH) Delayed: 567.01 +14.41 (2.61%)
Previous Close $552.60    52 Week High $70.21 
Open $560.50    52 Week Low $45.03 
Day High $569.40    P/E N/A 
Day Low $557.72    EPS $0.00 
Volume 9,454,515       

iShares PHLX SOX Semiconductor Sector Index Fund (NASDAQ: SOXX) Delayed: 519.86 +17.66 (3.52%)
Previous Close $502.20    52 Week High $114.21 
Open $509.31    52 Week Low $74.84 
Day High $520.56    P/E N/A 
Day Low $507.25    EPS $0.00 
Volume 9,232,238