# Chip stocks' 2025-26 run was rare, but it wasn't a one-off
Latent Equity · published Oct 29, 2026 · Semiconductors
Post: https://x.com/Latent_Equity/status/2115808371152417256

Our read: chip stocks' 2025–26 run was rare, but it wasn't a one-off.
$SMH stayed at or above its level of 50 trading days earlier for 215 days straight (May 2025 to March 2026), the third-longest run since 2000 (our calc).

What it means for a regular investor: long runs without a real pullback do happen, and they end. As of Oct 23, $SMH was 10.5% below where it was 50 trading days ago.

- Longest runs: 282 days (2016–17), 261 (2013–14), 215 (2025–26), 214 (2020–21), 203 (2003–04).
- After the 10 longest runs ended, $SMH was higher a year later in 7 of 9 cases, but the worst case was -30.6% (2004).

That's about 10 cases, and they overlap. It's history, not a forecast.
Before 2012 the history uses the fund's predecessor version.

What would prove us wrong:
- a fresh run past 215 days would show this one wasn't unusual. The ranking is also sensitive to the 50-day window we chose.

General research, the same for every reader. Not investment advice.