The Philadelphia Semiconductor Index closed higher for the 18th consecutive session on 24 April, the longest winning streak in the benchmark’s 32-year history. The index has gained roughly 39% since the run began in late March.
Why it matters
Semiconductors underpin every major technology trend from artificial intelligence to electric vehicles. A rally of this scale signals that investors see sustained demand ahead, not a short-lived spike.
What drove the streak
Intel’s Q1 earnings lit the fuse. The chipmaker reported earnings per share of $0.29 against a consensus estimate of $0.02 and revenue of $13.58 billion, beating forecasts by nearly $1.2 billion. Intel’s stock has gained about 50% in April, its largest monthly move since 1974.
The surge began when Tesla confirmed it would use Intel’s 14A manufacturing process for its Terafab project. Reports that Amazon and Alphabet may also become Intel foundry customers added further momentum.
Record ETF inflows
Chip-focused ETFs SOXX and SMH have attracted billions in fresh capital during April, according to Benzinga. The inflows represent the largest monthly total on record for both funds.
Advanced Micro Devices rose 12% on 24 April despite releasing no company-specific news. Analysts attributed the move to broad sector momentum and expectations that AMD will benefit from the same AI server demand lifting Intel.
Historical context
According to Bloomberg, the 39% April gain puts the semiconductor index on pace for its best single month since the dot-com era. The previous record streak was 16 consecutive sessions.
The Nasdaq Composite closed at a fresh all-time high of 24,837, up 1.6% on the day, with semiconductor names accounting for the bulk of the advance.