# The S&P Semiconductors Select Industry Index has returned a staggering 144 per cent in the past year.

*semiconductor · news · 2026-05-07 · CNA*

## Key points

- The S&P Semiconductors Index surged 144% in a year, far outpacing hyperscalers and the S&P 500.
- Semiconductor-driven earnings per share are on track for 83% annual growth, fueled by AI chip demand.
- Only three global companies produce high bandwidth memory for AI GPUs, led by Micron Technology.
- History shows ultra-high semiconductor margins attract new capacity, risking future oversupply and margin contraction.
- Industry analysts suggest hyperscalers may now offer more investment upside than semiconductor stocks.

**Companies:** Nvidia, Goldman Sachs Group, Microsoft, Oracle, Meta Platforms, Micron Technology
**Countries:** United States

[Read the full story on CNA](https://www.channelnewsasia.com/commentary/semiconductor-stocks-nvidia-micron-technology-can-rally-continue-6106431)

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