Looking at the S&P 500 over the last decade, semiconductor stocks have clearly led the way, driven by the AI and compute supercycle.

$NVIDIA(NVDA)$  is up 13,548% – the clear leader, fueled by sustained demand growth across GPUs, AI infrastructure, and data center acceleration.

$Advanced Micro Devices(AMD)$  gained 10,113% – a result of strong execution across multiple cycles, benefiting from compute and data center market share gains over time.

$Micron Technology(MU)$  rose 7,704% – a beneficiary of the long-duration memory cycle, with returns reflecting repeated expansions within the supercycle.

What's notable isn't just the individual gains, but how concentrated long-term returns became once AI infrastructure demand structurally accelerated.

The takeaway is straightforward: when a major macro cycle aligns with a technological inflection point, leadership compounds aggressively over time.