The Nasdaq is staging a strong comeback. How much longer can tech stocks keep rising this time?

If the U.S. stock market has a star team, AI chip stocks have unquestionably been its leading players in recent years.
Whenever risk appetite in the market rebounds, investors always like to take another look at the artificial intelligence supply chain. After all, everything from training large models to building data centers depends on powerful computing capacity.
With U.S. stocks recently rebounding and tech stocks regaining momentum, the AI chip sector has naturally become a market focus once again.
Why are investors so keen on AI chips?
The reason is simple: artificial intelligence can’t run on software alone. The more complex the models and the broader their applications, the greater the demand for computing power, storage, and high-speed networking. Chip companies have therefore become major beneficiaries of the AI investment wave.
But here’s the catch: a promising industry doesn’t mean every price is worth paying.
Some AI-related stocks had already racked up substantial gains, and expectations for future performance were high. If companies’ revenue growth falls short of expectations, or major tech companies cut capital spending, related stocks could face valuation pressure.
It’s like a restaurant doing great business, with the owner planning to open ten branches, while investors have already valued it based on the profits from a hundred locations. The dream may be grand, but financial reports won’t join in.
So whether this rally can continue depends on whether chip orders, earnings growth, and AI capital spending can form a positive feedback loop.#标普500创7个月最大涨幅

The AI story is far from over, but the next phase for tech stocks will probably be about delivering results rather than telling stories.$MU