U.S. ​chip stocks soared to record highs on Friday as Intel’s unexpectedly strong revenue forecast reinforced confidence that ‌the AI boom powering this year’s rally in the semiconductor sector is ​showing no signs of slowing down.

The foremost stock index for chip makers, ⁠the Philadelphia SE Semiconductor Index, rose 3.2% to an all-time high and was on track to extend its record-breaking streak of single-day gains to 18. The index has gained more than 47% this year.