SOXX jumped 16.8% in four days, its biggest gain since March 2020, led by Marvell, AMD, Micron, Intel and Applied Materials.

The iShares Semiconductor ETF SOXX suffered its worst month since 2002. Ed Yardeni says chip stocks now trade at a discount.

SOXX plunged 22.1% in July, its worst month since 2002, yet investors poured a record $6.9 billion into the semiconductor ETF.