Chip Stocks Enter New Bull Market as AI Optimism Drives Semiconductor Surge
TLDR
- The PHLX Semiconductor Index entered a new bull market after rising 21% from its July 29 low, spending just 21 days in bear market territory
- Credo Technology was the top performer, surging 59% since July 29, beating out Coherent’s 58% gain
- Chip stocks pulled back Tuesday as higher oil prices and bond yields weighed on the sector
- Apple is testing memory chips from Chinese manufacturers despite U.S. government opposition, as supply constraints push prices higher
- AI startup Anthropic posted over 14x year-over-year revenue growth, fueling expectations for continued chip demand
The PHLX Semiconductor Index officially entered a new bull market this week, rising 21% from its July 29 low. The move marks the sector’s fastest exit from a bear market since March 2020, well below the average of 54 days.
The surprise leader during the rally was not Nvidia or Intel. It was Credo Technology, a maker of copper cables used to connect AI servers. The stock surged 59% since July 29, narrowly edging out Coherent’s 58% gain.
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