Chip-equipment and memory stocks have started outperforming Nvidia in 2026. Micron Technology sparked a rally on June 24 by posting bullish quarterly forecasts alongside 22 billion dollars in committed customer spending, sending its shares up more than 12% after hours. That single session added over 400 billion dollars in market value across the semiconductor sector. The PHLX Semiconductor Sector Index climbed roughly 79% year-to-date through late June, lifting names like Lam Research and Applied Materials that posted gains in the 20-30% range. Hyperscaler AI-related capital expenditures are estimated at 750 billion dollars for 2026 and projected to exceed 1 trillion dollars the following year, fueling the rotation into these picks-and-shovels stocks.
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