The PHLX Semiconductor Index (SOX) closed Monday up 0.6%, extending its winning streak to 18 consecutive sessions — the longest such run since the index's 1993 inception. The benchmark has gained 14.4% over the streak and 41% year-to-date, decisively outpacing the S&P 500's 4.2% YTD return.
Nvidia (NVDA), Broadcom (AVGO), Marvell Technology (MRVL), and AMD (AMD) collectively accounted for 73% of the index's gains during the streak, with combined market-value increase of more than $620 billion. Nvidia closed Monday at $211.45, within $1 of its all-time high. Broadcom closed at $1,758, also a record. Marvell rallied 5.2% on the session, while AMD traded sideways.
AI Capex Cycle Now in Confirmation Phase
The streak overlaps with growing investor confidence that the four largest hyperscalers — Microsoft, Alphabet, Meta and Amazon — will collectively confirm 2026 AI capex above $645 billion when they report this week. Wells Fargo analyst Aaron Rakers estimates Nvidia will capture 78% of incremental accelerator spend, Broadcom roughly 11% via custom-silicon programs at Google, Meta and ByteDance, and AMD approximately 6%.
TSMC (TSM), the foundry partner for both Nvidia and AMD, raised its 2026 capex guidance to $44 billion at its mid-April earnings call and lifted full-year revenue growth guidance to "near 40% year-on-year" — the highest such guide in three decades.