Semiconductor Streak Ends at 18 Days as Sell Calls Rise Despite ASML's 36% Surge

Semiconductor stocks snapped their record 18-day winning streak, with Barron’s urging investors to sell amid stretched valuations like SOXX at 25-26x forward earnings versus a 19x 10-year average. The rally built from SMH ETF's 27.73% YTD gain (vs. S&P 500's 4.07%), a 47% PHLX Index surge, and NVIDIA Corp's 4.3% jump to an all-time high, fueled by historical momentum showing 13.1% average 6-month gains post-streaks. ASML soared 36% YTD on Q1 revenue up 13% YoY, raised 2026 guidance (~16% growth), and $8B EUV orders, but sustainability doubts persist.