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Memory chip and data storage manufacturers posted the strongest growth. SanDisk’s stock rose by more than 850% over six months, while Western Digital, Micron Technology, and Seagate Technology more than tripled in value. This sharp rise is attributed to a shortage of components amid the accelerated construction of AI data centers and growing demand for computing power, according to Euronews.
Other tech companies followed suit: Intel, Dell Technologies, AMD, and Applied Materials gained between 150% and 280% amid expanding investments in artificial intelligence infrastructure.
The rally also spread to global markets. South Korea’s KOSPI doubled, Japan’s Nikkei 225 rose by about 40%, and the MSCI Emerging Markets Index gained about 27%. In Europe, growth was more moderate: the FTSE 100 rose by 7%, the CAC 40 by 5%, and the DAX by 2%. Meanwhile, the MSCI India and Hang Seng indices fell by 5% and 6%, respectively.
By mid-year, the trend in the technology sector began to shift. Growth among memory manufacturers slowed, and some stocks entered a correction phase following a rapid rally.
At the same time, investors began to reassess the valuations of the largest technology companies. Meta shares fell by 14%, and Microsoft shares by 24%, amid rising capital expenditures related to the development of artificial intelligence.
Against this backdrop, traditional safe-haven assets failed to meet expectations. After hitting a record high in January, gold fell by approximately 28%. The metal came under pressure from high interest rates and rising bond yields, which intensified competition for capital.
Bitcoin also ended the first half of the year down by approximately 28% amid waning interest in cryptocurrencies and a shift of funds into technology stocks.
In the UK, the market was partially supported by mergers and acquisitions: investor interest was noted in a number of FTSE 100 companies, including Glencore, Schroders, and Segro, indicating continued interest in undervalued assets.
At the same time, a number of sectors came under pressure. Property developers faced a weak real estate market, while Experian and RELX fell amid concerns that advances in artificial intelligence could impact their business models.
Following strong growth in 2025, interest in the defense sector also waned: shares of BAE Systems, Rheinmetall, and Palantir corrected as investors took profits.
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