Chip stocks more than doubled in the first half of 2026, with the U.S. SOX chip index nearly doubling and individual names surging even more. Intel and Marvell Technology more than trebled, Micron Technology quadrupled, and Sandisk climbed more than 700 percent. The gains were driven by pumped-up AI capital expenditure by hyperscalers, though the companies doing the spending suffered, with the Magnificent Seven down 4 percent for the year, Microsoft down 24 percent, and Meta down almost 15 percent. The second quarter was the best on record for the SOX index, but June was the worst month so far for the Magnificent Seven.
Marvell Technology Group Ltd
Microsoft Corporation
Meta Platforms Inc.
