BREAKING: The Semiconductor Index, SOX, is now up +45% over the last month, the strongest 22-day return since 2002, and the 3rd strongest since data began in 1994. In April alone, the index rallied +40%, its best monthly performance in 26 years, and the 2nd-best on record. As a result, SOX's market cap as a % of the S&P 500 is up to an all-time high of 22%. This percentage has nearly QUADRUPLED since the 2022 bear market low. Furthermore, the 3x leveraged Semiconductor ETF, SOXL, has gained +203% over the last month, its best 22-day performance since inception in 2010. Meanwhile, the SOX index has returned an average of +2.2% in May over the last 30 years, its 4th best month of the year. Market seasonality suggests the run in semiconductor stocks could continue.(The Kobeissi Letter)