US semiconductor stocks just saw another historic day:

The semiconductor sector outperformed the software sector by +8.4 percentage points on Thursday, the biggest one-day outperformance on record.

Since April 2025, the ratio of semiconductor stocks relative to software stocks has fallen -70 points, to the lowest in history.

This comes as the Semiconductor Index, $SOX, has rallied +183% over this period.

At the same time, software stocks are up just +5%.

$SOX, has now closed higher for 17 consecutive trading sessions, the longest streak in history.

Investors are rotating from software to semiconductor names at an unprecedented rate.