The tech bubble reset is pushing investors to look harder at old fashioned valuation plays, where cash flows, dividends, and tangible assets do more of the talking than hype. With scrutiny rising on richly priced growth stories and excitement around events like a possible SpaceX IPO, attention is swinging back toward companies that appear closer to their intrinsic value. This article picks out 3 stocks exposed to the same news currents, each potentially positioned to hold up differently as the market reassesses what it is willing to pay for future growth.

SLB (SLB)

Overview: SLB is a global energy technology company that helps oil and gas producers plan fields, drill wells, and boost production, while also offering carbon management and adjacent energy system solutions across the full life of a reservoir.

Operations: SLB generates most of its revenue from Well Construction (US$11.7b) and Production Systems (US$14.0b), with additional contributions from Reservoir Performance (US$6.7b) and Digital (US$2.7b), alongside smaller "All Other" activities and eliminations.

Market Cap: US$67.5b

SLB is attracting attention as some investors shift away from expensive tech stocks toward companies where cash flows and tangible assets carry more weight. The stock is trading well below one estimate of intrinsic value and on a lower P/E than many energy services peers. The company is emphasizing digital and AI tools for field planning and production optimization, highlighted by long-duration contracts in Kuwait and its expanding Digital Marketplace, which could make earnings less tied to pure drilling cycles. At the same time, SLB still faces traditional oil services risks such as commodity-driven spending cuts, integration execution around ChampionX, and energy transition pressures. These factors matter if you are evaluating how resilient this business may be under a more traditional valuation lens.

SLB’s mix of hard assets, cash flows, and growing digital exposure could be masking a very different risk reward profile than a typical oil services stock. It is worth seeing how the full picture looks in the 4 key rewards and 2 important warning signs

Thermo Fisher Scientific (TMO)

Overview: Thermo Fisher Scientific helps drug makers, hospitals, and research labs run experiments, diagnose disease, and bring new therapies to market by supplying instruments, software, diagnostic tests, lab consumables, and outsourced manufacturing and clinical services across the life sciences industry.

Operations: Thermo Fisher Scientific generates revenue across Life Sciences Solutions (US$10.7b), Analytical Instruments (US$7.6b), Specialty Diagnostics (US$4.7b), and Laboratory Products and Biopharma Services (US$24.4b), partly offset by eliminations of US$2.1b.

Market Cap: US$194.5b

Thermo Fisher Scientific is drawing fresh interest as the tech bubble cools because it combines a large, recurring revenue base with a P/E below many global life sciences peers, while still being priced at a discount to at least one estimate of fair value. The company is tightly linked to long term trends in drug development and diagnostics, supported by collaborations like its expanded partnership with Arcturus on cystic fibrosis and ongoing investments in high end analytical tools and AI enabled workflows. At the same time, modest revenue growth forecasts, reliance on external borrowing, and very high executive pay keep governance and balance sheet discipline in focus. That mix of quality, pricing support, and real risk is what makes Thermo Fisher interesting in an old fashioned valuation reset.

Thermo Fisher’s mix of recurring revenue, AI enabled workflows, and a P/E below many global peers suggests the story is still being priced like yesterday’s lab supplier, not tomorrow’s platform. The real twist sits inside the analyst forecasts for Thermo Fisher Scientific

SEGRO (LSE:SGRO)

Overview: SEGRO is a UK listed REIT that owns, manages, and develops modern warehouses and industrial properties across the UK and Continental Europe, providing high quality logistics hubs and urban warehouses near major cities and transport links for a wide range of corporate tenants.

Operations: SEGRO generates most of its income from £604m of rental income from investment and trading properties, supplemented by unallocated rent averaging, service charge income, surrender premiums, management and development fees, joint venture management fees, and proceeds from sales of trading properties, with £460m from the UK and £176m from Continental Europe.

Market Cap: £11.9b

SEGRO is gaining fresh attention as the tech bubble cools because it combines a large, well located warehouse portfolio with a growing data centre pipeline, all while sitting in a UK property sector that many investors see as under-owned. The stock has drawn takeover interest and activist pressure to spin off its data centres, which suggests some investors believe parts of the business are not fully reflected in the current price, even as the P/E is above sector averages and the dividend is not fully covered by earnings or free cash flow. For investors focusing on valuation where hard assets, rents, and funding risks matter, the key question with SEGRO is how those factors fit together and what they could mean over the next few years.

SEGRO’s warehouse and data centre story might be masking a very different valuation than the headline P/E suggests, especially with takeover interest in the background. It is therefore worth reading the 1 key reward and 2 important warning signs (2 are major!)

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.