Philadelphia Semiconductor Index eyes 16th straight gain amid AI demand
Semiconductor stocks just hit a major winning streak, with the Philadelphia Semiconductor Index up 1.9% on Wednesday and eyeing its 16th straight day of gains, a record since 1994.
The index has soared 37% during this rally, putting April on track for its biggest one-month percentage gain since February 2000, all thanks to the explosive demand for artificial intelligence.
NVIDIA nears $5 trillion market cap
AI breakthroughs like ChatGPT are driving massive investment in tech infrastructure, sending chip company values through the roof.
NVIDIA is leading the charge with its market cap nearing $5 trillion after a staggering five-year run.
Broadcom, Micron Technology, and AMD have also seen big jumps, while Intel is back at its highest level since 2000 as it revamps its strategy.
Chip stocks overall have even outperformed the Nasdaq-100 over the five-year run: pretty wild times for tech fans!