The Philadelphia Semiconductor Index has gained over 42% year-to-date as of late April 2026. At one point, the SOX posted a 47% gain in just 18 days, with some components climbing as much as 80% since March 30.
This is the largest rally in the US technology sector in 24 years.
The numbers behind the frenzy
The rally’s epicenter is artificial intelligence infrastructure. Hyperscalers like Amazon, Microsoft, and Alphabet have been pouring capital into AI buildouts, and the companies making the silicon that powers those ambitions are reaping the rewards.
NVIDIA shares climbed 30% in a recent stretch. Micron’s stock has tripled in 2026. SK Hynix is up 260% and Samsung has gained 160% this year.
