Good morning, investors. For all you early risers, I’ll be joining Fox Business’s Mornings with Maria at 7:10 AM ET to talk AI, markets and Wall Street — hope to see you there!

Now let’s talk chips.

It’s not new for the AI trade to define markets but the current stretch borders on ridiculous.

The iShares Semiconductor ETF (SOXX) closed higher Thursday for a 17th straight session, the longest uninterrupted win streak for any US semiconductor benchmark since at least 1993.

The prior record was 15 consecutive up days in 2014. But with a total return of about 7%, that stretch was far weaker than the latest boom.

Since March 31, this 17-day run has delivered more than a 42% return.

What’s baffling here is that, while price action has outpaced fundamentals for SOXX, some of the numbers are real.

Forward earnings revisions for the index’s top holdings have indeed moved higher over the last month, and chip names seem to have moved on from both the lingering effects of tariffs as well as the Iran conflict.

Intel — one of the oldest chip names in the market — has led the charge, gaining more than 62% since the start of the winning streak, not including its massive 20% rally following its earnings beat after the bell Thursday.

The $4.8 trillion Nvidia, meanwhile, has “only” gained 20% in the same stretch.

Zooming out to the broader market, it isn’t surprising that chips have done the heavy lifting in April.

The S&P 500 has gained 12% since March 30 and the Nasdaq 100 is up 17%, but when you strip out the chip leaders the rallies thin out.

By now it’s become boilerplate to say that the entire market hinges on the AI trade, but investors in this moment do not seem at all nervous about overplaying the cliche.

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🤖 Meta will lay off 10% of its workforce. AI spending costs continue to hit tech workers. Shares of the Facebook parent declined 2.3% on Thursday. (Barron’s)

📦 Microsoft will do its first-ever voluntary employee buyouts. The one-time retirement program will hit 7% of the company, targeting senior US workers whose years of work and age add up to 70 or more. (CNBC)

🤝 President Trump announced a 3-week extension to the Israel-Lebanon ceasefire. He said the deal follows a meeting with each nations’ officials in the White House, and that the meeting “went very well.” (WSJ)

💳 American Express posted 18% EPS growth but shares dropped. Revenue of $18.91 billion beat estimates and cardmember spending grew at its fastest pace in three years, but management reaffirmed rather than raised guidance. (Reuters)

🗓 April 24, 1901: Trading volume in Union Pacific alone hit 662,000 shares as E.H. Harriman, J.P. Morgan and James Hill fought to corner Northern Pacific, the opening chaos of the Panic of 1901.

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