Semiconductor stocks are basically a black hole right now and everything else is getting left behind

Been tracking the market pretty closely this year and honestly semi-stock is doing something I haven't really seen in a while. It's not just that chip stocks are up, it's that they're up in a way that makes everything else look pointless.

Like Sandisk is up somewhere around 500% YTD. Intel has more than doubled. Micron, AMD, the whole space has gone on these absolutely absurd runs that would normally take several years to play out. These aren't slow grinds either, a lot of these moves happened in weeks.

And look, I'm not complaining if you were positioned correctly. The demand side of the story is real. AI infrastructure spending is not a meme, the hyperscalers are burning through capex at a rate that actually justifies a lot of this. NVIDIA has basically been a money printer.

But here's the thing nobody really wants to talk about openly. Liquidity in the market is finite. The money flooding into chips has to come from somewhere, and if you look at software, a lot of those names have just been completely abandoned. Companies with solid fundamentals sitting flat or slightly down while the semiconductor index goes parabolic.

So two things I keep thinking about:

1. How long does hyperscaler capex stay this aggressive? At some point these companies have to show returns on the infrastructure they're building, right?
2. Is software quietly becoming the rotation play? Or is it just dead money for another year while chips keep running?

Not trying to call a top here because I've been burned doing that before. But the concentration of gains in one sector is starting to feel a little late-cycle to me. Curious what others are thinking.