The Nasdaq Composite hit back-to-back records this week, but the Philadelphia Semiconductor Index remains 14% below its June high. BTIG strategist Jonathan Krinsky says 10 of its 30 stocks are more than 30% below their 52-week highs, a setup he says recalls 2000.
Only AMD, Nvidia and Taiwan Semiconductor were closer to their highs than the SOX itself, according to Krinsky. The average SOX member was down 26%; GlobalFoundries, KLA and ON Semiconductor were each more than 40% below their 52-week highs.
Krinsky also cited five straight days when S&P 500 stocks posting 52-week lows outnumbered those reaching highs, even as the index neared its record. It gained 1.2% over the past month while nine of 11 sectors fell. The article attributes the Nasdaq rally to consumer and enterprise adoption of Meta’s autonomous AI agent Muse; AMD’s market value topped $1 trillion amid chip gains. Krinsky said the pattern could mean more near-term volatility and that he remains cautious over the medium term.
