US chip stocks are on a historic run: The semiconductor index, SOX, has outperformed the S&P 500 by +85 percentage points year-to-date, on pace for the best half-year outperformance in history. This would exceed the previous record set during the Dot-Com Bubble in H1 2000 by +15 percentage points. This comes as SOX has rallied +94% so far in 2026, compared to a +9% increase in the S&P 500. Micron, MU, has been a key driver, rallying +301% over this period, making it the largest contributor to the S&P 500's gains this year. SanDisk, SNDK, has soared +764% in H1, making it the top-performing stock in the index YTD. The US chip stock boom is rewriting the record books.(The Kobeissi Letter)