Blind Spots In The NDX Boom: When Market Concentration Meets Attention Deficit

Semiconductors are a requisite tool to facilitate the expanding digital demand. More specifically, investors have focused on Dynamic Random Access Memory (DRAM). DRAM stocks have been the best performers on stock markets globally in 2026. Last week, the subsector leader in market cap terms, SK Hynix, raised roughly $30 billion with an ADR listing on Nasdaq. The PHLX Semiconductor Index rally has pushed the measure to ~175% of its 200-day morning average for the first time in more than two decades. NDX and the SOX Index remain highly correlated. The weakest YTD correlation was ~0.75 (SaaS swoon), and in recent weeks, that measure has been consistently north of ~0.91.