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

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Market Vectors Semiconductor ETF (NASDAQ: SMH) Delayed: 659.88 +35.91 (5.76%)
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Open $648.54    52 Week Low $45.03 
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Day Low $648.15    EPS $0.00 
Volume 11,229,725       

iShares PHLX SOX Semiconductor Sector Index Fund (NASDAQ: SOXX) Delayed: 639.45 +39.72 (6.62%)
Previous Close $599.73    52 Week High $114.21 
Open $626.52    52 Week Low $74.84 
Day High $644.43    P/E N/A 
Day Low $626.15    EPS $0.00 
Volume 9,666,052