SMH Hits Another High as AI Chip Stocks Rally Beyond Nvidia
SMH soared 4.2% to $646.27 midday Monday, extending its record run as investors piled back into AI-linked chip stocks after last week’s pullback; Lam Research, Marvell, Arm, ASML, and Kulicke & Soffa all advanced, driven by strong AI demand and recent upbeat results, but expectations remain high after SMH’s 72% year-to-date surge.