Chip Rally Adds $5.7 Trillion as AI Demand Lifts Nasdaq to Records

On May 28 2026 the semiconductor sector's blistering rally reached a cumulative $5.7 trillion in added market capitalization, driving the PHLX Semiconductor Index to an all-time best 82 percent gain in the first 100 trading days and pushing the S&P 500 and Nasdaq to fresh highs. The advance was fueled by explosive AI demand and a global memory-chip shortage that doubled DDR5 spot rates and more than doubled Nvidia B200 rental costs since late 2025. Stocks including Sandisk (+570 percent YTD), Intel (more than tripled), Micron, SK Hynix and Samsung joined or approached the $1 trillion market-cap club, though analysts now question how much further the rapid run can be sustained.