Semiconductors Are Driving the NASDAQ Run — 6 Names to Watch Now

TL;DR: SMH is trading roughly 10% above its previous all-time high. NVDA just reclaimed $200 for the first time since November 2024. AVGO and AMD are back at all-time highs. MU, SNDK, and TSM are all aligned with the same move. As long as semis look this strong, NASDAQ is not the short side.

The semiconductor complex is the clearest engine in this market right now. SMH broke through its prior all-time high and has added another 10% on top of it. Given that the breakout itself looked uncertain just a few months ago, the setup is holding firmly.

This piece walks through the six semiconductor names I'm watching most closely this week. Looking inside the sector makes it obvious who's leading — and where the next leg is likely to come from.

1. NVDA — Why Reclaiming $200 Matters

Nvidia cleared $200 again. The last time it traded above this level was November 2024. About five months away — and now it's back.

Two hundred was a confluence of psychological and chart resistance. Reclaiming it signals two things. First, the individual uptrend is functional again. Second, given NVDA's weight in the NASDAQ, the breakout transmits upward pressure to the index itself. Holding alone matters; extension from here pulls the entire sector higher.

2. AVGO — Back Inside All-Time Highs

Broadcom is re-entering all-time-high territory. Demand for AI-accelerator custom ASICs doesn't roll over as long as hyperscaler capex holds. AVGO shares sector leadership with NVDA, and when both names run together, that's when the sector has real force behind it.

3. AMD — New All-Time High

AMD printed a new all-time high. I'll admit I'm not a fan of the name personally, but price action doesn't care about preferences. We're in a regime where even the names you don't favor are making highs. It's a reminder to follow charts over sentiment.

4. MU — A Large Setup Forming

Micron hasn't printed an all-time high yet, but the technical setup is sizable. The structural link between memory names and the HBM demand cycle still holds this year. If it breaks out, the space above resistance is wide open. I'm watching MU as the name that joins the sector rotation late but with room.

5. SNDK — The Quiet Memory Name

SanDisk-related names continue to grind. They rarely make headlines, but they're evidence that memory and storage cycles are pointing the same direction. Looking only at mega-caps misses this story. SNDK fills in a piece that otherwise stays invisible.

6. TSM — Coiled Above $370

TSMC is consolidating around $370. Top-tier global foundry capacity is essentially a TSMC monopoly, and every AI chip effectively routes through this company. A breakout above the 370–380 range opens the next level. I watch TSM as one of the deciding indicators for whether semiconductor strength stays intact.

As Long as Semis Lead, NASDAQ Is Not a Short

Six names laid out in detail, but the single sentence to remember is this: as long as the semiconductor complex leads, NASDAQ is not the short side.

The inverse is the warning signal. If SMH rolls back below its prior high — and specifically if NVDA loses $200 again — that's when the interpretation flips. Until then, trust sector-level strength and hunt for entries at individual stock levels. That's the realistic framework.