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After a month or so in the doldrums as investors rode a wave of anxiety about the AI buildout, chip stocks have hit a real purple patch again in April.
In March, Nasdaq's PHLX Semiconductor Sector Index — comprising the 30 largest U.S.-traded chip companies — saw a 6.3% decrease. Last month, the narrative reversed, with the index soaring 35.2% since the start of April as of market close Wednesday as investors ploughed into the sector.
Intel has been one of the standouts. The company had its best day since 1987 last Friday, on the back of earnings that topped estimates and issued upbeat guidance. Nvidia's market cap breached the $5 trillion mark ahead of its earnings, and Apple 's stock rose Thursday after it posted revenue growth for the most recent quarter that beat estimates and its guidance was better than expected.
Many U.S. chip darlings, including AMD and Micron , have also surged, as have a number of Europe's leading semiconductor companies.
"The semiconductor tape we have seen this month is nothing short of historic," Bruce Bateman, chief analyst at Omdia, told me. "We are talking about winning streaks not seen since the 1970s."