One Thing I'm Watching: the Great Tech Divergence

Dow Jones06-30

This year's second quarter was a blockbuster period for tech stocks. But investors didn't love them all equally.

The PHLX Semiconductor Index-which houses chip stocks like Nvidia and Broadcom-has climbed 81% through yesterday, putting it on track for its best quarter in history. That's a sharp divergence from an ETF tracking the Magnificent Seven, which is up roughly 10%. The gap reflects how much tech fortunes have shifted over the past quarter.

Once darlings of the industry, some of the biggest names in tech have fallen out of favor with investors as they fret about these companies' big AI spending commitments. Microsoft and Meta are on track to end the quarter in the red.

Compare that to names like Micron, Intel and Marvell, whose shares are up at least 181% this quarter through yesterday.

And as for the biggest winner in the PHLX Semiconductor Index? That's Astera Labs, the $78 billion chip maker that joined the Nasdaq-100 last week. Its stock price has more than quadrupled this quarter.

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