Philadelphia Semiconductor Index Surges 88% in Q2 Amid Hyperscaler Stock Divergence

According to JPMorgan, the Philadelphia Semiconductor Index surged 88% in the second quarter, marking its best quarterly performance on record, while the Magnificent Seven ETF continued to decline from its May peak. JPMorgan attributed the divergence to hyperscale companies increasing AI capital spending by 100% year-over-year, creating a temporary decoupling between semiconductor stocks and major tech stocks.
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