# AI semiconductor stocks — X 热门讨论 (2026-10-09 16:47 UTC)
## @KobeissiLetter (The Kobeissi Letter) · 10-09 16:35 · ♥139 ↻16 💬21 AI stocks are driving the entire stock market.
The "AI Winners Index" is up +58% year-to-date, nearly matching its record set in June.
The index covers semiconductors, memory, data centers, networking, power, and AI application companies.
At the same time, the S&P 500 Ex-AI Enablers Index has increased just +5%, underperforming by 53 percentage points.
Meanwhile, the semiconductor index is up +78% over the same period, with Micron, $MU, Marvell, $MRVL, Intel, $INTC, AMD, $AMD up +263%, +224%, +190 %, and +190%, respectively.
By comparison, the S&P 500 index is up +13% while the Nasdaq 100 is up +22% so far in 2026.
The AI trade is leaving the rest of the market far behind. https://x.com/KobeissiLetter/status/2108597170475573559
## @Pumpkin_global (Pumpkin | Live trading) · 10-09 07:13 · ♥38 ↻11 💬17 AI stocks are no longer trading above the macro cycle. The latest session showed a clear rotation out of high-valuation tech as Oil and Treasury yields moved higher. NVDA fell 2.9%, while MU dropped 4.8%. The Nasdaq lost 1.3%, underperforming broader U.S. equities.
The pressure point is not AI demand itself. It is valuation.
When Brent trades above $104/bbl and long-end yields swing sharply, the market starts demanding stronger proof of growth to justify crowded AI positioning. That matters for the broader semiconductor basket, from NVDA and MU to SNDK, SKHYNIX, MRVL, and INTC.
For traders, the AI theme remains intact, but leadership is being tested. Macro is forcing the market to separate durable earnings power from momentum exposure.
Is this a healthy reset in the AI trade, or the start of a broader de-risking move? 👇 https://x.com/Pumpkin_global/status/2108455779556888878