Direxion Daily Semiconductors Bull 3x Shares (SOXL) soared 5.86% in a 24-hour period, reflecting strong momentum in the semiconductor sector. The leveraged ETF, which aims to deliver three times the daily performance of the ICE Semiconductor Index, benefited from a broad rally in chip stocks.

The surge in SOXL comes as semiconductor shares in Hong Kong experienced significant gains, with companies like INNOSCIENCE, BATELAB, and SMIC posting impressive increases. This upward trend is attributed to several factors, including policy support from China's 14th Five-Year Plan, which emphasizes technological self-sufficiency and strength.

Adding to the positive sentiment, reports indicate that global tech giants Samsung and SK Hynix have notified customers of potential DRAM and NAND contract price increases of up to 30% in the fourth quarter. This development, coupled with growing demand for AI computing power driving expansion in logic and storage manufacturing, has created a favorable environment for semiconductor stocks. Analysts suggest that the domestic substitution trend in China's chip industry, reinforced by the country's technological self-reliance strategy, is likely to provide continued support for the sector.