The Historic Chip Stock Winning Streak Is in Danger

A long-running rally in semiconductor stocks is showing signs of strain, threatening an 18-day winning streak that began March 31. The PHLX Semiconductor Index was down about 1.7% (on track to close lower for the first time since March 30), even as the iShares SOX ETF has surged ~36% this month. The run has been driven by renewed enthusiasm for AI-related spending and was bolstered by Intel’s recent closing high. Barron’s warns upcoming Big Tech earnings could challenge the sector’s momentum, raising the risk of a pullback and higher volatility for chip names including NVDA.OQ.