Semiconductor Stocks Hold On to May Gains

The chip sector is still enjoying gains from Nvidia's big-time rally

Laura McCandless

Deputy Editor

Jun 9, 2023 at 10:29 AM

TSM
AMD
NVDA
SMH

VanEck Semiconductor ETF (SMH) is up 44% since the start of the year, recently hitting a May 30 52-week high of $151.71, the day Nvidia Corp (NASDAQ:NVDA) crossed the $1 trillion market threshold. Up 1.5% at $148.50 today, the ETF is seeing support from its ascending 10-day moving average.

The chip sector in general received a strong boost from NVDA's end-of-May rally, powered by strong demand for artificial intelligence (AI) chips. Nvidia stock has remained above its May 25 bear gap, despite a slight dip from its May 30 record peak of $419.38. Up 1.6% at $391.22 at last glance, the equity is up 167.6% since the start of 2023.

Meanwhile, Advanced Micro Devices Inc (AMD) and Taiwan Semiconductor Manufacturing (TSM) are trading in a similar fashion, both remaining near their May 30 one-year highs. AMD is up 93% year-to-date, while TSM sports a 39.5% year-to-date lead.

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