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Semiconductors are ripping as evidence keeps suggesting a rebound is coming soon.
The Philadelphia Semiconductor Index ($SOX) has surged almost 9 percent since the beginning of last week. That’s more than twice the gain of the broader S&P 500 over the same period.
News event after news event have spurred the move:
These headlines mark a change from the narrative a few months ago, when investors worried about a smart-phone glut slowing orders. Apple’s (AAPL) fourth-quarter meltdown resulted from the weakness.
But the chip industry has responded with capacity cuts — almost like OPEC taking oil off the market. That’s helped support prices and kept the boom-and-bust cycle from getting out of control.
In conclusion, chips are a volatile and economically sensitive industry. And at this point, there’s a growing consensus that the worst of the slowdown is now over.
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