Something concerning is going on with chip stocks ahead of Nvidia earnings

The stock market's back near record highs, but a key space that drove it to those levels earlier in the year is still a way's off and showing some troubling price action. Wolfe Research strategist Rob Ginsberg pointed out that, while the S & P 500 is within 1% from an all-time high set in July, the PHLX Semiconductor index remains more than 14% below its all-time high.

6% from Monday's close. "Our regular dialog with component buyers & sellers reflected NVDA business trends continuing to improve. This, combined with publicly available data about AI investments & adoption lead us to raise estimates modestly," Stein wrote. Perhaps this report is what the semiconductor space needs. However, "the bar is set quite high, and it looks like something bigger is brewing," Ginsberg noted.

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