By Jared Blikre
Publication Date: 2026-05-22 19:07:00
What happened: Chip stocks are back to hitting intraday record highs after a fast round trip. The iShares Semiconductor ETF (SOXX) pushed to its first intraday record high since May 11 on Friday, extending a three-day rally that followed a three-day slide that started late last week.
Qualcomm (QCOM) led the move, jumping more than 12% on Friday and rising nearly 20% over the last three sessions.
What’s behind the move: The rally is notable because it is not being driven by Nvidia (NVDA).
Nvidia has been selling off since its Wednesday earnings report, even after the company topped estimates and gave an upbeat outlook on strong chip demand. The stock fell again Friday and has lost more than $100 billion in market value over the last three sessions.
That makes the rebound look less like another Nvidia-led AI surge and more like buyers broadly rotating across the rest of the semiconductor complex.
By the numbers: The biggest value creation over the last three sessions has come from the next tier of chip leaders. Advanced Micro Devices (AMD) has added nearly $100 billion in market value, while Arm Holdings (ARM) and Micron Technology (MU) have each added close to $90 billion.
Taiwan Semiconductor Manufacturing (TSM) and ASML (ASML) have each added more than $70 billion, while Intel (INTC) has added more than $50 billion.
What else you need to know: The move also…
