Semiconductor stocks beat both Big Tech and crypto in the first half of 2026. The Philadelphia Semiconductor Index gained 102%, while the Magnificent Seven fell 2% and Bitcoin (BTC) lost 33%, according to Deutsche Bank and CoinGecko data.

Wall Street banks now disagree about the second half. Goldman Sachs expects investors to keep backing chipmakers, while Morgan Stanley argues the trade has already started to unwind.

How Semiconductors Beat Big Tech and Crypto in H1 2026

Deutsche Bank’s half-year scoreboard ranked the Philadelphia Semiconductor Index as the best-performing major asset in the world. The benchmark gained 102% between January and June, according to a chart shared by Schaeffer’s Investment Research.

Korea’s chip-heavy…