The chart above shows the Philadelphia Semiconductor Index's 6-week performance, rising from roughly 7,200 to its current price of 12,088, a gain of approximately 68%.
The move has been remarkably consistent, with only a brief consolidation in late April, peaking around 10,500 on the 24th before pulling back to roughly 10,000 by the 28th, before the index accelerated sharply higher through the final stretch of April and into May.
The SOX is widely viewed as a leading indicator for broader technology and risk appetite, and a move of this magnitude over such a compressed timeframe underscores just how aggressively investors have repriced the AI growth narrative in recent weeks.