---
title: "Semiconductor rally stalls as bond yields surge and crowding peaks"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/286944762.md"
description: "The Philadelphia Semiconductor Index experienced its largest two-day decline since March, with Intel down 17% and Micron off 14%. A record 73% of fund managers now view long semiconductors as the most crowded trade, up from 24% in April. The 10-year Treasury yield reached 4.61%, impacting high-growth tech valuations and leading to a shift towards safer assets."
datetime: "2026-05-19T16:25:18.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/286944762.md)
  - [en](https://longbridge.com/en/news/286944762.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/286944762.md)
---

# Semiconductor rally stalls as bond yields surge and crowding peaks

Biggest drop since March: The Philadelphia Semiconductor Index saw its largest two-day decline in nearly two months, with Intel down 17% and Micron off 14%. Crowded trade warning: A record 73% of fund managers now see long semiconductors as the most crowded trade, sharply up from 24% in April. Yields pressure valuations: The 10-year Treasury yield hit 4.61%, eroding high-growth tech valuations and prompting rotation into safer assets.

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