Semiconductor stocks have shrugged off rising yields, higher oil prices and fresh AI doubts, and investors now look to Micron's results for the next read on demand.

  • AMD and Intel lead September gains as semiconductor stocks rebound from their summer pullback.
  • BofA Securities sees the global chip market reaching $3.2 trillion by 2030.
  • Micron’s results could provide a fresh read on memory pricing, HBM demand and AI infrastructure spending.

Semiconductor stocks are headed for a strong September, with the iShares Semiconductor ETF (SOXX) up around 11% this month, on track for its strongest monthly advance since June. 

The rally has been led by some of the sector’s biggest names, with AMD and Intel each surging about 29%, while Nvidia (NVDA) is up roughly 2% and eyeing a third straight month of gains. Broadcom (AVGO), however, has bucked the trend, falling about 4% in September.

The renewed momentum comes after strong performances from the sector’s key players. Nvidia continues to benefit from robust AI infrastructure demand and recently announced a record $150 billion buyback, while AMD crossed the $1 trillion market-capitalization milestone earlier this month as investors bet on its expanding AI role.  

AI Demand Proves Resilient

The chip rally has also held up despite a difficult macro backdrop. The ongoing U.S.-Iran conflict has pushed oil prices higher and driven Treasury yields sharply higher, while renewed calls to slow AI development have raised questions about the sustainability of AI-related spending. Yet semiconductor stocks have continued to attract investors.

Recent gains across Nvidia, AMD and Intel suggest investors remain focused on the earnings and spending supporting the AI buildout. 

Strong results and upbeat outlooks from the chipmakers have reinforced expectations that hyperscalers and enterprises will continue pouring billions of dollars into AI infrastructure. 

That has helped investors look beyond concerns around stretched valuations and the sustainability of AI spending.

Analysts Say Longer-Term Bullish View Intact

Bernstein, in a Sept. 22 report, said that strong AI demand and hyperscaler spending are key growth drivers into 2027-28. The firm, however, flagged valuation and weakness in some end markets as risks, while remaining positive on names including Nvidia, AMD, Broadcom and semiconductor-equipment makers.

The sector could recover from its summer pullback as data-center demand remains resilient, Citi analysts said in a Sept. 8 investor note. The firm called the CPU revival a “CPU renaissance” and raised its 2030 CPU-market forecast to $237 billion, compared to $29 billion in chip sales clocked in 2025, identifying AMD as the key beneficiary and Intel as a secondary winner.

BofA Securities analyst Vivek Arya, in a Sept. 15 report, raised his forecast for the global semiconductor market to $3.2 trillion by 2030 from $1.7 trillion in 2026. Arya noted that there were “no signs of slowing” in orders, supply commitments and chip pricing, while describing 2027 as “much [of] a fully booked/contracted year” for computing, networking and memory.

Retail View On Chip Stocks

On Stocktwits, retail sentiment for SOXX dipped to ‘bullish’ over the past two weeks, as of Wednesday. Sentiment was ‘neutral’ for INTC, ‘bullish’ for AMD, and ‘bearish’ for AVGO.

Investors would now tune to Micron’s fourth-quarter results, due after market hours on Wednesday.

Micron’s commentary on the DRAM and HBM markets would offer a read-through on memory pricing, AI-server demand and the pace of data-center spending, making its outlook an important signal for the broader semiconductor and AI trade. 

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