The last time semiconductor stocks rose this far this quickly, the dot-com bubble burst

Semiconductor stocks have surged sharply, with the PHLX Semiconductor Index posting its strongest 25-day rolling performance since March 9, 2000. The SOX rose more than 50% over that period and every stock in the index gained at least 14% over the last 25 trading sessions, while leaders including Intel and smaller names more than doubled. The rally has broadened beyond Nvidia, prompting Wall Street analysts to raise earnings forecasts amid AI-driven demand for chips, but some veterans warn the move looks overextended. Notably, investor Michael Burry bought additional put options tied to the iShares Semiconductor ETF (SOXX) expiring January 2027, reflecting hedging or bearish positioning.