The Philadelphia Semiconductor Index has done something it has never done before — logged 17 consecutive green trading sessions, surpassing the previous record of 15 set back in 2014. 

Over that stretch, the SOX has surged roughly 42%, putting it on track for its largest monthly gain since the dot-com boom of February 2000.

The Semiconductor ETFs

The ETFs riding the wave are seeing historic numbers of their own.

The iShares Semiconductor ETF (NASDAQ:SOXX) has posted a gain of more than 30% in April — its best month in the fund’s 25-year history. 

The VanEck Semiconductor ETF (SMH) is up over 25%, its strongest monthly return since November 2003. 

For traders using Direxion Daily Semiconductor Bull 3X Shares (NYSE:SOXL) and Direxion Daily Semiconductor Bear 3X Shares (NYSE:SOXS), the volatility has been extreme in both directions — SOXL’s leveraged structure has amplified every session of the streak.

The Movers

The Semi Index’s historic win streak is showing no signs of slowing down, and Friday’s session is sending it even higher. 

The index’s four heaviest hitters — Nvidia Corp. (NASDAQ:NVDA), Advanced Micro Devices (NASDAQ:AMD), Micron (NASDAQ:MU), and Broadcom Inc. (NASDAQ:AVGO)  — collectively represent roughly 32% of the SOX, meaning their sustained monthly gains have been the backbone of the streak. 

  • Nvidia is trading at $209.62, up 5% on the day and 20.3% over the past month.
  • AMD is the standout of the group, surging 14.24% on Friday to $348.81 — its biggest single-session jump of the streak — and up 73.6% over the past month, the strongest monthly gain among the four.
  • Micron is adding to its already massive run, up 3.13% today to $496.78, with a 26.5% gain over the past month.
  • Broadcom is the lone holdout Friday, essentially flat on the session at $419.88, though it remains up 33.1% over the past month as investors appear to be taking some profits at current levels.

The catalyst for the semiconductor explosion traces back to early April. 

The U.S.-Iran conflict that had shut the Strait of Hormuz, sent oil above $100, and crushed risk appetite across the tech sector suddenly appeared less threatening on April 7 when President Donald Trump announced a two-week ceasefire.  

Oil dropped back below $90. Risk assets surged. And semiconductors — the most battered corner of the tech complex during the conflict — snapped back the hardest.

What surprised even bulls was the velocity of the reversal. Seventeen straight sessions later, the chip trade is back — and it just rewrote the record books.

Photo: Alexander Limbach / Shutterstock