Semiconductor stocks started off the week on a strong note Monday, with Intel (NASDAQ: INTC) gaining 2.3%, Nvidia (NASDAQ: NVDA) up 6.3%, and Advanced Micro Devices (NASDAQ: AMD) advancing most of all, up 6.9%, as of 10:25 a.m. ET.

But buying into this rally is not without risk.

Certain semiconductor stocks do look attractive at their present prices. Intel stock, for example, costs less than 9 times trailing earnings currently. AMD and Nvidia, at 39 times and 60 times trailing earnings, respectively, may not be objectively cheap, but they are at least about 50% cheap-er than what they were selling for a year ago.

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Source Fool.com