Chip Stocks Rally for Record 16th Straight Day on AI Optimism

An index tracking semiconductor stocks is on track for its all-time longest streak of daily gains, as investors anticipate strong growth for the sector driven by demand related to artificial intelligence.

The Philadelphia Stock Exchange Semiconductor Index rose as much as 1.9% on Wednesday. If it closes higher, that would mark its 16th straight positive session — its longest such streak on record — based on data that goes back to 1994. Over the course of the rally, the index has climbed 37%, putting April on track for the biggest one-month percentage gain since February 2000.