Nvidia and AMD Power Chipmakers to Best Year Since 2009
- AI-related demand has fueled massive growth and share gains
- Wolfspeed is the sole chip-index component to decline in 2023
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Shares of semiconductor companies closed out their best year in more than a decade, led by rallies in the chipmakers that are seen as the most immediate beneficiaries of artificial intelligence.
The Philadelphia Stock Exchange Semiconductor Index rose 65% this year, with 2023 representing the biggest one-year gain for the index since 2009, when it rose 70% in the aftermath of the financial-crisis market bottom. The index fell 0.8% on Friday, but recently traded near record levels.