Semiconductors Surge Past Big Tech and Crypto in H1, Goldman Stands Firm

Semiconductor stocks have outperformed both Big Tech and crypto in the first half of 2026, according to Deutsche Bank and CoinGecko data. The Philadelphia Semiconductor Index rose by a staggering 102%, making it the best-performing major asset globally.

The index was followed closely by Korea's chip-heavy KOSPI, which gained 89% during the same period. In contrast, the Nasdaq rose just 13%, while the S&P 500 saw a slight increase of under 10%. The Magnificent Seven, a group of top US stocks, ended the half 2% lower.

Crypto fared even worse, with Bitcoin (BTC) plummeting by 33% in the first half. Ether (ETH) dropped 47%, and Solana (SOL) fell 41%. Traditional hedges such as gold and silver also lost value, slipping 7% and 18% respectively.

Goldman Sachs derivatives specialist Brian Garrett explained that the divergence between semiconductor stocks and Big Tech is due to their earning potential. Companies like chipmakers recognize revenue today, whereas hyperscalers such as Microsoft, Amazon, Meta, and Google are pouring hundreds of billions into data centers without a proven payoff.