In today&#x27;s deep dive, Zaid breaks down the massive semiconductor rally that has Wall Street drawing comparisons to the dot-com bubble. Chip stocks just had their best month in 26 years, with AMD, Intel, and Micron all more than doubling in 2026. But is this a real supercycle or 1999 all over again?<br><br>Zaid covers what&#x27;s driving the surge, why AI demand has spread way beyond Nvidia, some of the biggest winners so far, and whether this rally has room to run or is about to hit a wall.<br><br>Check out our Sandisk deep dive: [YouTube][Spotify]

Deep Dive: Are Chip Stocks in a Bubble?

The Rundown

Welcome back to The Rundown for another Weekend Deep Dive. Today, we are talking about chip stocks. For the past few months, the big debate on Wall Street has been whether we're in the middle of an AI bubble. Big tech companies are spending hundreds of billions of dollars on data centers, AI startups are fetching near trillion dollar valuation, and every company is trying to become AI native. But maybe the better question to ask now is whether semiconductor stocks are in a bubble.

Semiconductor stocks have been ripping over the last few weeks. So today we're breaking down why chip stocks are surging, why the rally has spread beyond NVIDIA, and whether this is the beginning of a real semiconductor super cycle or 1999 all over again. We got a great one for you today. Let's dive in. Chip stocks have been on a historic run over the last few weeks. The SOX Index, which tracks the 30 largest semiconductor stocks in the US,

is up more than 55% since the start of the year. And in April alone, the index rallied 40%, which was the best month for the index in 26 years, back during the peak of the dot-com bubble. We'll come back to that comparison a bit later. Now, this rally has been driven almost entirely by AI spending. And most of the AI spending is coming from the big four tech hyperscalers. I'm talking Amazon, Google, Microsoft, and Meta.

Now, these companies reported earnings a couple weeks ago, and they said they plan to spend over $725 billion on capital expenditure this year. And most of that money is going towards building AI data centers.

Deep Dive: Are Chip Stocks in a Bubble?

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Deep Dive: Are Chip Stocks in a Bubble?

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.