US equities have roared through April, with the S&P 500 leaping nearly 10 %—its biggest monthly rise since November 2020—while the Nasdaq surged over 14 %. The rally, driven by a tech boom, has largely muted worries over the US‑Iran conflict’s oil‑price shock.

At the heart of the surge, semiconductor names like Intel and ON Semiconductor have posted double‑digit gains, bolstered by robust earnings and a projected $725 bn in AI‑infrastructure spend from the big four hyperscalers. Alphabet’s cloud growth pushed the company up 30 % this month, illustrating the sector’s resilience.

Despite rising oil prices that pushed gasoline to about $4 a gallon, institutional flows have favored US equities, with $125 bn added to US ETFs in April. Analysts note that tech’s capacity to weather margin pressure keeps it ahead of other sectors.

The month‑long rally underscores investors’ confidence in AI‑led growth, suggesting that technology will continue to anchor the broader market’s performance even as geopolitical and commodity volatility persist.