Semiconductors accounted for 44 to 48 percent of S&P 500 earnings growth in Q2 2026, with chip earnings surging 133 percent year-over-year. The sector’s weight in the index has quadrupled in six years, rising from approximately 5 percent in 2020 to 19.7 percent as of June 30, 2026. The same institutional capital driving semiconductor valuations is also fueling AI-focused crypto tokens, creating a direct correlation between equity and crypto markets. This historical concentration mirrors pre-dot-com dynamics, raising questions about sustainability and systemic risk.
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