Semiconductor stocks have outperformed the broader market in 2023 thanks to the booming demand for chips deployed in artificial intelligence (AI) applications, which explains why the PHLX Semiconductor Sector index's gains of 45% this year are well ahead of the 17% appreciation in the S&P 500 index. Not surprisingly, PHLX Semiconductor Sector index constituents Nvidia (NASDAQ: NVDA) and Intel (NASDAQ: INTC) also clocked solid gains. While Nvidia stock is up a massive 232% in 2023, Intel delivered relatively smaller gains of 38%.
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