Recently, I observed a very interesting phenomenon in U.S. stock trading: AI-related stocks are collectively rebounding, especially chip manufacturers performing remarkably well.

NVIDIA's recent rally has been quite impressive, with 10 consecutive trading days of gains, totaling nearly 19%, setting the longest streak of consecutive gains since November 2023. During the same period, AMD's performance was even more extraordinary, also rising for 10 days in a row, but with a jump of 30%, marking the longest consecutive rally since May 2005. Behind this collective strength, it indicates that investors' pessimism about AI development is dissipating, and confidence is gradually rebuilding.

A few months ago, NVIDIA's stock was actually stuck in a stalemate, with many investors shifting to defensive sectors like consumer staples, even starting to look for other AI-related targets. But now, the situation is different. Analyst Jamie Meyers pointed out that investors are "returning to reality." At the beginning of the year, due to concerns about cooling tech trades, many sold off their winners en masse. Now, they are re-entering and buying again.

Interestingly, NVIDIA recently seems to lack obvious new catalysts; its product roadmap has been fully digested by the market, leaving little room for surprises. But precisely this frequent updating and iteration itself confirms the company's impressive growth momentum. Meyers believes that the growth potential of AI-related stocks is right there, and investors are only now starting to realize it.

From a broader macro perspective, the collective performance of chip stocks in U.S. stock trading also reflects a larger trend. D.A. Davidson analyst Gil Luria said that the market is becoming increasingly optimistic about the trajectory of AI development. As related investments extend into next year, capital continues to flow into semiconductor companies that will benefit from data center construction. Andrew Rocco of Zacks Investment Research added that, from a mid-term perspective, NVIDIA, AMD, and Intel will all benefit from the ongoing expansion of AI infrastructure. More importantly, the rise of intelligent AI and physical AI will further drive the profitability of chip manufacturers, as these applications require massive computational power.

The overall logic is quite clear: capital is flowing back into the AI sector, and semiconductor companies are the most direct beneficiaries.