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 indicat

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.