Semiconductor stocks have been on a tear since the market's rebound from its 2026 lows – and investors willing to take the biggest risks are capturing hefty gains. The NYSE Semiconductor Index has jumped 27% since March 30, the day the S & P 500 hit its nadir for the year. In fact, after the chips index's latest surge, it's now up nearly 12% since the U.S.-Iran war started. Investors with a taste for risk, however, have seen enormous gains. Consider that the Direxion Daily Semiconductor Bull 3X Shares ETF (SOXL) , a triple-leveraged ETF that follows the semiconductor index, has surged nearly 98% since March 30. Triple-leveraged ETFs are designed to magnify the returns of whatever index or stock they follow. But while they can deliver massive short-term gains, they also can deliver three times the losses, making it a high-risk play. In a note Sunday, Goldman Sachs pointed out that semiconductors have outperformed software by 20 percentage points in last week's five sessions. The bank said that was the largest five-day spread in more than 25 years. SOXL YTD mountain The Direxion Daily Semiconductor Bull 3X ETF (SOXL) in 2026 The recent rally in chipmakers seemed to be aided by the latest developments on the artificial intelligence front, including the launch of new models from Meta Platforms and Anthropic . While semiconductors are critical to the AI buildout, investors are worried that the technology could disrupt the software-as-a-service business model. Indeed, the iShares Expanded Tech-Software Sector ETF (IGV) suffered a 7% decline last week, while the iShares Semiconductor ETF (SOXX) jumped nearly 14%. Jonathan Krinsky, chief market technician at BTIG, said in a Sunday note that he expects that divergence between semiconductors and software names to ease eventually. However, he has predicted that for a little while now and it hasn't come to fruition just yet, he noted. Krinsky also forecasted that the rally in semis likely can't keep going at this pace. "Semis continue to shrug off any issues and while we are hesitant to chase them here, the trend and momentum must be respected until it stops," he wrote. "We have been on the wrong side of the memory trade, but continue to think it's in a parabolic phase." — CNBC's Yun Li contributed reporting
