Semiconductor Stocks Soared in May. Can the Rally Keep Running Into Summer?

2026-06-02 14:22:00 ET

Advanced Micro Devices just had one of its best months in two decades. The stock soared more than 40% in May to a record high, as investors poured back into chipmakers on relentless demand for AI hardware. And it wasn't alone. Smartphone-chip designer Qualcomm climbed about 40% to a record of its own, while the broader Philadelphia Semiconductor Index gained more than 60% for the year, far outpacing the S&P 500.

After a stretch like that, investors heading into summer face a fair question: can the run keep going, or have the stocks finally outpaced the businesses underneath them?

Image source: Getty Images.

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