Key facts
- Semiconductor stocks explained 54% of asset performance differences over three weeks, per Goldman Sachs.
- Oil prices explained only 2% of asset performance differences over three weeks.
- Investor risk appetite fell to its lowest level since April 2025 last week.
- South Korea's Kospi index gained as much as 5% on Tuesday.
- Samsung Electronics rose as much as 6% and SK Hynix climbed 8% on Tuesday.
Goldman Sachs analysts stated that artificial intelligence has become a more powerful force in financial markets than oil, with semiconductor stocks now explaining more of the movements across asset classes. The bank found that exposure to semiconductor stocks explained about 54% of the differences in performance across a range of assets over the previous three weeks, compared to just 2% for oil prices. Investor sentiment has become closely tied to technology stocks, with Goldman's measure of risk appetite falling last week to its lowest level since April 2025. On Monday, the Nasdaq Composite and S&P 500 both rose about 1%, with Nvidia jumping 2% and the Philadelphia Semiconductor Index climbing 3%. The rally spread to Asia on Tuesday, with South Korea's Kospi gaining as much as 5%, Samsung Electronics rising as much as 6%, and SK Hynix climbing 8%.