Semiconductor stocks are on track for their best first half on record. Analysts expect these names to keep rising

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Semiconductor stocks have surged this year as investors bet on the promise of artificial intelligence, with the sector on pace for its best first half ever.

Semiconductor stocks have been on a tear this year as investors bet on the promise of artificial intelligence and rotate back into technology names. This backdrop puts the VanEck Semiconductor ETF up about 45% and on track for its best first half on record. Its closest outperforming six-month stretch dates to 2003, when it surged 27.45% during the first half. It finished that year with a gain of 87.31%, its highest on record.

Many within the investing community view Nvidia as the dominant chipmaker to beat, especially after it revealed a blowout quarter and guidance, spurred by booming demand for the technology . Following this run up, some Wall Street analysts are bracing for a pullback in shares over the short term, but remain confident in the long-term growth opportunity — even with the stock's steep valuation . The average price target implies nearly 15% upside from Thursday's close.

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