Chip Stocks Are Surging, but Nvidia Is Missing It

It’s a big day for chip stocks, but the year’s top-performer is suddenly lagging.

The PHLX Semiconductor index advanced more than 2% on Monday morning.

Broadcom was up more than 6%, the S&P 500’s second-best performer.

Other winners included Lam Research and AMD, which each rose about 4%.

Nvidia, this year’s hottest stock, didn’t join the rally. It was down more than 2% on Monday.

Nvidia, the AI trade’s biggest winner, has more than tripled this year. But lately, the air has come out of the trade: Nvidia is down about 4% over the past month, lagging the semiconductor index by about 12 percentage points.

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