Chip stocks are expected to create the longest consecutive rise record in history. Driven by optimistic sentiment on AI.

An index tracking semiconductor stocks is expected to set a record for the longest consecutive daily gains in history, as investors bet that demand related to artificial intelligence will drive strong growth in the industry. The Philadelphia Semiconductor Index rose 1.9% on Wednesday. If the index closes higher, it will mark the 16th consecutive trading day of gains, setting a new record since data has been available since 1994. During this recent surge, the index has already risen by 37%, potentially recording the largest monthly increase since February 2000. This uptrend once again highlights chip stocks leading the market. The launch of ChatGPT marks the beginning of the modern era of artificial intelligence, fueling this long-standing trend. Large companies are heavily investing in AI-related infrastructure, particularly driving the growth in chip demand.