Are semiconductor shares still a good investment, or too much growth is already priced in?

I am looking at semiconductor stocks because almost every big technology trend now depends on chips. AI data centres need GPUs, memory, networking chips and also equipment companies to manufacture everything. Because of this, I am watching names like **NVDA, AMD, AVGO, TSM, MU, AMAT, ASML and LRCX**. My confusion is that the long-term demand looks very strong, but many semiconductor shares already increased a lot. Expectations are also very high now. Even a company giving good results can fall if guidance is not strong enough. I also feel semiconductor sector is not one single trade. Nvidia and AMD depend more on AI computing, Micron on memory cycle, TSM on manufacturing demand, while AMAT, ASML and LRCX depend on chip companies continuing to spend on new factories and equipment. So I am interested to know how other investors are looking at this sector. Which semiconductor company has the best risk and reward from current price? Are you buying now, waiting for a correction, or holding through volatility? For me, the biggest risk is high valuation and AI spending slowing down. But the biggest positive is that global demand for computing is probably not going away anytime soon.