Key Highlights

● The PHLX Semiconductor index closed at 10,033.93 on November 9.

● It was the index's best session since July 30.

● Nvidia was the only decliner in the index.

● Retail chatter on chips picked up.

After one of the ugliest weeks in recent memory, chip stocks staged a spectacular rebound on Monday, November 9, 2026. The PHLX Semiconductor Index, often called the SOX, closed at 10,033.93 in its best session since July 30, according to news reports.

The breadth was remarkable. Market data reported that Nvidia (NASDAQ:NVDA) was the only decliner in the index, meaning the rally swept nearly the entire benchmark. Nvidia fell as its board conducted an independent review involving CEO Jensen Huang; the board said it had "no reason to believe" national security or company secrets were compromised, reports said.

Bouncing off a brutal week

The rally came after a punishing stretch. The SOX plunged on Thursday, November 5, before recovering some ground on Friday, reports said. Fears that Democratic gains in the November 3 midterms could restrict data-center construction hit AI-linked stocks hard, and the Nasdaq posted a fourth straight weekly decline.

By Monday, sentiment flipped. Strategists credited forced dealer hedging and cleaned-out positioning for the snapback, according to market coverage. A JPMorgan strategist said: "we see this more as an intra-cycle reset and another deleveraging event in the AI supercycle."

The standouts

Advanced Micro Devices (NASDAQ:AMD) rocketed after Oppenheimer upgraded it to Outperform with a $600 price target, recovering its loss from the prior week, reports said. Teradyne (NASDAQ:TER) jumped by a similar margin.

Chip-equipment makers soared. Applied Materials (NASDAQ:AMAT), Lam Research (NASDAQ:LRCX) and KLA (NASDAQ:KLAC) all posted big gains, according to market reports. Monolithic Power Systems (NASDAQ:MPWR) and Coherent (NYSE:COHR) were among the S&P 500's top performers, reports said.

Broadcom (NASDAQ:AVGO), Marvell Technology (NASDAQ:MRVL) and onsemi (NASDAQ:ON) also rallied sharply, reports said, and Micron Technology (NASDAQ:MU) closed up $43.15 at $733.15, according to market data. Arm Holdings (NASDAQ:ARM) and Texas Instruments (NASDAQ:TXN) gained too. Intel (NASDAQ:INTC) lagged early before moving higher later in the session, according to news reports.

The whole market followed

Chips pulled the broader market higher. The Nasdaq Composite surged 673.71 points to 25,253.14, its best day since July 30, while the Nasdaq-100 closed at 27,907.62. The S&P 500 jumped 173.08 points to 7,549.94, its best day since April 8. Technology was among the strongest sectors, according to market coverage.

A Truist strategist said: "The mood is changing from a fear of downside to the fear of missing out on the upside." Not everyone was convinced. A Citi strategist warned, according to market reports, "We worry that positioning on key indices, such as the Nasdaq, could reset lower into net-short territory."

Retail chatter picked up

Online chatter followed the action. AMD drew 292 mentions on Reddit's r/wallstreetbets in the 24 hours to Monday evening, according to market data, second only to Nvidia's 2,653. Micron and Intel were also among the most discussed names.

Chip Rally Faces Nvidia Earnings

The rally faces a series of tests. Applied Materials reports Thursday, November 12, offering a read on chip-equipment demand. CoreWeave (NASDAQ:CRWV) and Nebius (NASDAQ:NBIS) report this week, and Nvidia's third-quarter results arrive November 17.

Macro risks loom as well. Tuesday's October Consumer Price Index is the last before the Fed's December 8-9 meeting, where traders see a hike as highly likely, according to Futures Market pricing. Investors will also watch for any new data-center policy signals from Washington, after last week's post-election selloff showed how quickly political headlines can hit the sector. For the SOX, holding above the 10,000 mark it reclaimed on Monday may be the first sign of whether the rebound has staying power.