How The Semiconductor Super Cycle is Sparking Stocks Surge

🎧 Listen on Apple Podcasts https://upl.inc/taovapple This week on The Art of Investing, Rich McDonald, Mark “Spice” Holden and Chris “CJ” Fellingham draw on over 100 years of combined wealth and hedge fund management experience to unpack another powerful week in markets, as equities push to fresh highs despite ongoing geopolitical tension and macro uncertainty. With US markets now climbing for eight consecutive weeks and AI-driven momentum accelerating, the team explore whether this rally still has room to run, how far the semiconductor supercycle can go, and why investors may be underestimating just how broad this market move is becoming. This Week’s Highlights: 📈 Markets Keep Climbing US equities extended their winning streak to eight consecutive weeks, with the S&P 500, Nasdaq and Dow all hitting fresh all-time highs. 🤖 Semiconductor Supercycle Accelerates AI demand continues to drive explosive growth across chipmakers, with momentum now spreading beyond Nvidia into broader semiconductor names. 🌍 Market Breadth Improving Strength is no longer limited to mega-cap tech, with the Russell 2000 and equal-weight indices also pushing higher - a positive signal for broader market health. 🛢️ Oil Drops, Markets Rally Despite geopolitical tensions, oil prices fell sharply, easing inflation concerns and supporting risk assets globally. 🏦 Bonds Stabilise After recent volatility, bond markets recovered as yields pulled back, helping to ease pressure on equities. ⚖️ AI vs Macro: A Two-Speed Market The team debate the growing disconnect between traditional macro-driven markets and the powerful AI-driven growth cycle reshaping global investing. Portfolio Snapshot - Week 41: No changes were made to the portfolio this week. Weekly portfolio performance: +2.4% Total return since inception: +22.7% 2026 year-to-date return: +10.2% Top Performers 🥇 iShares Nikkei 225 ETF — +5.6% WoW 🥈 iShares Russell 2000 ETF — +5.1% WoW 🥉 iShares Core MSCI EM IMI UCITS ETF — +4.9% WoW Underperformers 📉 iShares MSCI India ETF — +1.8% WoW 📉 WisdomTree Copper ETF — +0.4% WoW 📉 iShares UK Gilts 0–5yr ETF — +0.6% WoW Portfolio Highlights • Strong gains driven by Japan, US small caps and emerging markets • Broadening market leadership beyond mega-cap tech • Falling oil prices and stabilising bonds supported equities • Defensive assets lagged as risk appetite returned • Portfolio continues to benefit from diversified global exposure Big Questions This Week: • How long can the AI-driven rally continue? • Is this still a narrow tech-led move, or a broader bull market? • What happens if bond yields rise again? • Are investors underestimating how dominant AI has become? What You’ll Learn: ✔️ Why market leadership is starting to broaden ✔️ How AI is driving global equity performance ✔️ The relationship between oil, bonds and equities ✔️ Why diversification still matters in concentrated markets 📈 Download the full Portfolio Performance Slides View the portfolio breakdown: https://drive.google.com/file/d/1JwwO... 📧 Get in touch: [email protected] Disclaimer: This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes. Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in. May Incentives: Transfer Cashback Get up to £5,000 cashback when you transfer £10,000+ to IG before 31st May 2026. Code: TRANSFER5000POD T&Cs 📋 ig.com/uk/invest-campaign/transfer-cashback-value-apr-26 Free Shares Get £50–£1,000 in free shares when you invest £1,000+ before 31st May 2026. Code: MAYSHARESPOD T&Cs 📋 ig.com/uk/invest-campaign/free-shares-may-26 Cashback Offer Earn 2% cashback (up to £200) when you deposit and invest £1,000+ before 31st May 2026. Code: MAYDEPOSITPOD T&Cs 📋 ig.com/uk/invest-campaign/cashback-may-26