Philadelphia Semiconductor Index (SOX) Jumps 106%; Nvidia (NVDA), Broadcom (AVGO) Lag Component Performance

The Philadelphia Semiconductor Index (SOX) has surged 106% year-to-date as of June 23, 2026, positioning it for its best first half ever. However, heavyweight components Nvidia (NVDA) and Broadcom (AVGO) are the worst performers in the 30-stock index, gaining only 14% and 15% respectively. This indicates a broader rally in the semiconductor sector beyond the largest chipmakers. Other top performers in the SOX include Micron Technology (MU) up 324%, Intel (INTC) up 282%, ARM Holdings (ARM) up 273%, and Marvell Technology (MRVL) up 262%. D.A. Davidson analyst Gil Luria notes that while Nvidia remains critical for AI infrastructure, investors now see greater upside in other semiconductor companies whose valuations have not fully caught up. Seaport Research analyst Jay Goldberg attributes Nvidia's underperformance to its scale, which limits its ability to significantly exceed market expectations. Micron's gains are driven by surging memory chip prices, with analysts projecting a 1,000% year-over-year adjusted EPS increase for its May quarter. Intel has benefited from U.S. government backing, manufacturing advancements, and CPU business momentum.