The PHLX Semiconductor Index (SOX) closed Wednesday up 0.7% at a record 7,420, extending its winning streak to 19 consecutive sessions — the longest in the benchmark's 33-year history. The index has gained 16.1% over the streak and 43.4% year-to-date, vastly outperforming the S&P 500's 4.6% return. Combined market-value addition during the streak: $651 billion.
Nvidia (NVDA) led Wednesday's gains, rising 1.4% to $214.40 and a fresh all-time high. Broadcom (AVGO) added 1.8% to $1,790 — also a record. Advanced Micro Devices (AMD) gained 0.9%, while Marvell Technology (MRVL) jumped 3.2%, the best performer in the index. The semiconductor cohort has now contributed 38% of the S&P 500's entire YTD gain, underscoring how concentrated leadership has become.
The Mag 4 Earnings Vote
Microsoft, Alphabet, Meta, and Amazon report Wednesday after the close, with their AI capex guidance the principal swing factor for chip stocks. Wells Fargo estimates Nvidia captures 78% of incremental AI accelerator spend, AMD around 9%, and Broadcom's custom-silicon and networking businesses 11%. Total addressable AI infrastructure spend across the four hyperscalers is projected at $645 billion in 2026, up from $414 billion in 2025.
Citi's Atif Malik raised his Nvidia price target Wednesday morning to $260 from $240, citing "demand visibility into early 2027." Bank of America's Vivek Arya retains a $250 target. KeyBanc's John Vinh argues that "any softness in AI capex guidance from any single hyperscaler could trigger 10% drawdown in the SOX, with leveraged players like AMD and Marvell at greatest risk."