It sure looked that way. Micron’s momentum carried over, adding another 2% after last week’s bullish forecast rekindled confidence across the chip space.
The Philadelphia Semiconductor Index was up 1.1%, and traders kept leaning into familiar AI leaders.
Nvidia gained 1.2% on chatter that it plans to ship its next-best AI chips to China before mid-February — a headline that suggested demand pipelines remain healthy. Synopsys and Monolithic Power Systems also showed solid interest, both up more than 2%, helped by steady inflows into names tied to AI infrastructure rather than just the headline chips.
Are Traders Rotating Beyond the Mega Caps?
A bit. While Nvidia and Tesla grabbed attention, second-tier AI beneficiaries saw meaningful participation. Microchip Technology added over 2% as buyers stepped in after a slow stretch. Atlassian, Intuitive Surgical, and Dexcom all posted gains north of 1.8%, signaling traders were willing to explore outside the usual megacap cluster.
Even PDD joined the climb, rising nearly 3% as investors continued hunting for AI-adjacent growth stories. Nothing felt speculative — just steady re-engagement with quality names tied to AI development or data-heavy business models.
How Broad Is the Market’s Bid Right Now?
Broader than expected for a holiday Monday. Industrials, financials, materials, and energy each notched 1%-plus gains, showing buyers weren’t hiding exclusively in tech. Communication services and utilities chipped in modestly as well. The only drag came from consumer staples, down slightly, largely due to rotation. With volatility sinking to its lowest point since September, sellers never really showed up.