Chip Rally Adds $5.7 Trillion, Lifting S&P 500 to Fresh Records

A frenzied AI-driven surge in semiconductor stocks has propelled the S&P 500 and Nasdaq to new highs on May 27, 2026. The PHLX Semiconductor Index has jumped 82% year-to-date, the strongest start on record, as chip companies collectively added roughly $5.7 trillion in market value. Micron briefly touched $1 trillion while SK Hynix surpassed that threshold; Goldman Sachs lifted its year-end S&P 500 target to 8,000. Strong fundamentals, including doubled DDR5 prices and rising GPU rental rates, continue to underpin the move even as some investors flag unsustainable speed.