US Chip Stocks on Historic Run: SOX Outperforms S&P 500 by 85 Percentage Points YTD
The Philadelphia Semiconductor Index (SOX) has surged 94% in 2026, beating the S&P 500 by 85 percentage points year-to-date, on pace for its best half-year outperformance in history, surpassing the Dot-Com Bubble record by 15 points.
US chip stocks are rewriting the record books. The Philadelphia Semiconductor Index ($SOX) has rallied 94% so far in 2026, compared to a 9% gain in the S&P 500, delivering an outperformance of +85 percentage points year-to-date. This is on track to be the best half-year relative performance in history, exceeding the previous record set during the Dot-Com Bubble in H1 2000 by 15 percentage points.
Micron Technology ($MU) has been a key driver, surging 301% over the period and becoming the largest single contributor to the S&P 500's gains this year. Meanwhile, SanDisk ($SNDK) has soared 764% in the first half, making it the top-performing stock in the index year-to-date.
The semiconductor boom underscores the market's heavy tilt toward AI and chip-related plays, with the sector's momentum showing no signs of slowing.
Source: The Kobeissi Letter