The Philadelphia Semiconductor Index (SOX) extended gains to 9%, outperforming
the Nasdaq by 2.6%, signaling concentration in chip names rather than a broad
tech rally. Micron, AMD and Intel each rose more than 14%; these stocks had
steeper valuation-led declines earlier, giving them greater rebound elasticity.
Prior selling reflected worries about AI capex returns, rich chip valuations and
spillover from Korean semiconductor sell-offs that de-risked the AI hardware
chain. The SOX bounce indicates flows are returning to the most elastic,
previously oversold segments, but it does not prove the AI investment narrative
has been fully repaired.
