Semiconductor stocks, as measured by the Philadelphia Semiconductor Index, have surged 246% over the last 14 months, surpassing the 234% peak gain seen during the dot-com bubble, according to Creative Planning chief market strategist Charlie Bilello. The index has been led this year by strong runs in Micron and Intel. The tech sector has faced sharp volatility over the past week as investors rotated out of high-flying AI names, with the Nasdaq Composite dropping in four of the past five sessions and moving at least 1% for six straight days. The sell-off has been driven by heavy profit-taking and macroeconomic anxiety after the Federal Reserve signaled it may keep interest rates higher for longer to combat sticky inflation. Wedbush tech analyst Dan Ives noted added nervousness ahead of Micron's earnings report this Wednesday, but maintained that the AI Revolution remains in its early stages.
Micron Technology IncMicron is mentioned as a leader in the index surge and has an upcoming earnings report, but the article does not provide specific news about the company; the sell-off is sector-wide.
Intel Corporation