6/15/2026
By Charles Payne, CEO & Principal Analyst

Chips Soar

The run in semiconductor stocks has been dazzling. The last stage of the move has been parabolic. It invites a lot of skepticism and cynicism. But even those that are bullish will admit the move has been so magnificent that the gut says it's due to stall and give back some ground.

The key to understanding what’s happening is to untangle the space and look at the parts, rather than the sum of the parts.

We are way past just using “Mag Seven” as the artificial intelligence (AI) trade proxy.

Equipment Makers Catch a Break

I have been following Applied Materials (AMAT) for more than 30 years, and lost confidence in the stock just about 30 years ago. When it was getting the kind of hype that “Mag Seven” gets today, the largest semiconductor equipment maker could never post sustained rallies, at least, not to the degree of other names at the time.

Now the attack is on fire, and there are other “boring” semi-equipment makers. This week, keep an eye on Micron Technology (MU), which reports next week. It could rewrite the AI story to an even more sizzling chapter. There is already an insatiable demand for the entire AI server supply chain.

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Charles Payne
Wall Street Strategies