Chip Stocks Soared 70%+ in April. Have They Gone Too Far?

Semiconductor stocks surged across April, with several names posting one-month gains of 50%–100%+, driven by stronger-than-expected Q1 earnings and continued AI-related data-center spending. The piece highlights leaders such as Intel (114%), Astera Labs (78%), AMD (74%), Marvell (67%) and Micron (53%), while NVIDIA and Applied Materials rose more modestly (~14–15%). Bulls argue accelerating earnings (tech earnings >40%, overall growth ~29%) and roughly $700 billion in hyperscaler data-center capex justify the move; bears warn the rally is overextended, citing valuation, momentum risk and potential competition from Alphabet and Amazon chip efforts. The article frames the move as a significant price surge in the semiconductor complex and presents a balanced view on whether investors should chase gains or take profits, with NVIDIA (NVDA) central to the debate.