The Philadelphia Semiconductor Index (SOX) rose by approximately 3.7% on September 21, closing at 12,366 points. During the trading session, the index reached a daily high of 12,383 points. This growth was driven by gains across major chipmakers, including AMD, Intel, Nvidia, Qualcomm, ASML, and Arm Holdings.
AMD shares reached record highs, bringing the company close to a $1 trillion market capitalization. Intel reported double-digit percentage gains over recent sessions, while Arm Holdings saw significant growth supported by demand for its architecture in cloud servers and mobile devices.
Market analysts attribute the rally to two primary factors: sustained demand for AI infrastructure and optimism regarding potential diplomatic talks between the US and China. Additionally, the recent annual reconstitution of the index, which added four new stocks, likely contributed to buying pressure as tracking funds adjusted their portfolios.
Despite the recent recovery, the index remains approximately 16% below its all-time high of 14,655 points, recorded on June 22. To return to that peak, the SOX would require an additional rally of roughly 18%. By late July, the index had previously declined by 29% from its June maximum.
