10 SEPTEMBER 2026
This chart shows the performance of semiconductor stocks relative to global equities. When the ratio rises, chipmakers are leading the broader market and vice versa.
Semiconductor outperformance has accelerated sharply since early 2025, reflecting the sector’s position at the epicentre of the AI capex boom.
Every model, data centre and application ultimately demands vast quantities of chips, making semiconductors one of the purest expressions of AI activity.
The recent spike, followed by a sharp reversal, has some of the hallmarks of a classic blow-off top.
This suggests market leadership may continue to broaden beyond chip stocks in the months ahead, unless AI-related spending accelerates further from already elevated levels.
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