Semiconductor Stocks See 'Rare Surge' As SOX Index Hits Dot-Com Bubble-Era Volatility Levels - iShares PH

Semiconductor stocks are seeing a rare surge as the PHLX Semiconductor (SOX) index signals extreme volatility reminiscent of the 2000 dot-com bubble, fueling debate about whether markets may be nearing a peak. Data cited by Kobeissi Letter shows the SOX index posted nine single-day gains of at least +5% over the past 60 trading days, a pattern last seen in January 2009. Historically, that specific volatility cluster has appeared only after major tops or during deep bear-market periods. Yet chip shares are rising sharply rather than collapsing: the index is up about +175% over 12 months and remains at record highs, driven largely by AI-related momentum and enterprise demand. Year-to-date, SOX gained 104.14%, while the iShares Semiconductor ETF (SOXX) advanced 114.81%. Investors are divided over whether this marks an impending top or a new long-term regime.