A $210 Billion Rally in Chip Stocks Leaving Hedge Funds in Dust
- Chips are up for seven weeks, best winning streak since 2017
- Sector up 28% since Dec. 24, compared with S&P 500’s 19% run
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As fast as the rebound in the broad market has been since Christmas, it’s been faster in chip stocks. That’s made for hard feelings among traders who have watched in dismay as companies rallied while reporting their worst sales quarter in a decade.
The Philadelphia semiconductor index has surged 28 percent since U.S. stocks bottomed on Dec. 24, outpacing all other S&P 500 sectors. More than $210 billion has been added to the market value of its 30 members, making it the most lucrative rally during any two-month period since 2017.