$Figma(FIG.US) rose about five points today. The direct catalyst was Bank of America resuming coverage, giving it a Buy rating and a $30 target price. The nearly 30% valuation cut in June has been mostly recovered over the past two days. $Salesforce(CRM.US) also followed higher. The semiconductor sector was under pressure all day due to Samsung's earnings report and news about DeepSeek's in-house chip development. Funds are clearly shifting from chips to software. Chip valuations have run too hot, making software a temporary safe haven. $Figma(FIG.US) saw its valuation slashed in June due to fears of AI disruption. Bank of America's Buy rating this time seems more like offering a step for the overcorrected valuation to recover.
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