Philadelphia Semiconductor Index Nears Bull Market, Analysts Pour Cold Water

Driven by strong earnings from AI downstream companies, the Philadelphia Semiconductor Index rose 2.5% on Wednesday, now just 1% away from a technical bull market. However, Dan Kemp, founder of Portfolio Thinking, noted that CoreWeave's revenue guidance is conservative, interest expenses remain high, and its order backlog may not necessarily convert into actual revenue. Zacks Chief Strategist Brian Mulberry acknowledged that demand is spreading to infrastructure, but cautioned that fundamentals are diverging, and not all chip stocks are benefiting.