Chip stocks are having a year that makes every other rally look quaint. The PHLX Semiconductor Index, the benchmark tracker of the 30 largest US-listed semiconductor companies, has posted its strongest start to any calendar year on record, with gains between 78% and 82% year-to-date as of late May.
To put that in perspective, the companies in the index have collectively added roughly $5.7 trillion in market capitalization since January.
A record that stood for three decades just got demolished
The previous best opening stretch for the SOX was set in 1995, when the index gained 62% over its first 100 trading days. That benchmark survived the dot-com boom, the post-financial-crisis recovery, and the initial AI hype wave of 2023-2024. It did not survive 2026.
The current rally has featured winning streaks of 14 to 17 consecutive sessions at various points this year. The index blew past the 10,000-point level and later cleared 12,000. For context, the SOX delivered a total return of 43.5% in 2025, outperforming the S&P 500 by 26 percentage points.
