Opinion: Chip Stocks Become New Driving Force of US Bull Market, S&P 500 Poised to Break 8000 Points

07/06 17:25

On July 7, The Kobeissi Letter stated that it currently believes the S&P 500 index is preparing to break above 8000 points, as chip stocks have quietly become the new leading sector in this bull market. Although many of the 'Seven Giants' of US stocks have fallen more than 20% from recent highs, semiconductor stocks have taken over market leadership. This year, 8 out of the 10 best-performing stocks in the S&P 500 are from the chip industry. Despite the weakness of large tech stocks that have led the market since 2022, the S&P 500 is currently only about 1% below its historical high. This marks the first time since 2022 that the market has risen under the leadership of sectors outside the 'Seven Giants,' while the 'Seven Giants' have shown contrary trends. The report suggests that this rotation is positive, as the 'Seven Giants' are preparing to take the lead again. As large-cap tech stocks begin to regain leadership, while semiconductors continue to outperform or even cool down, the S&P 500 is expected to rise above 8000 points. Asset holders will continue to benefit.

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