The AI Supercharge: Semiconductors Leave the Market Behind

Since the end of 2020, chipmakers (SMH) have massively outperformed both broad tech (QQQ) and small-cap stocks (IWM), despite recent pullbacks from their all-time highs.

Chart tracks normalized performance (Base 100 = Dec 31, 2020). SMH peaked at ~380 before settling near 343, while IWM peaked at ~135 and sits near 124.
Chart: The Macroprudential ViewSource: Google FinanceGet the dataCreated with Datawrapper