Direxion Daily Semiconductors Bull 3x Shares (SOXL) soared 5% in Tuesday's intraday trading, riding the wave of a broader rally in semiconductor stocks. The leveraged ETF's significant move came as the semiconductor sector experienced widespread gains, with several major players posting notable increases.

The rally was primarily fueled by Taiwan Semiconductor Manufacturing Co.'s (TSMC) impressive May sales report. TSMC, a bellwether for the global chip industry, announced a 40% year-over-year increase in revenue for May, totaling approximately $10.7 billion. This robust performance, despite an 8.3% month-over-month decline, signaled strong demand in the semiconductor market and boosted investor confidence across the sector.

Other semiconductor stocks also saw significant gains, contributing to SOXL's leveraged upward movement. Notably, Wolfspeed led the pack with a 10% increase, while TSMC, ON Semiconductor, Micron, and NXP Semiconductors each rose by 3%. Industry giants like ASML and Qualcomm were up 2%, with AMD, Arm, and Intel following closely with 1% gains. Even market leader Nvidia saw a modest 0.1% increase. This broad-based rally in chip stocks underscores the positive sentiment surrounding the semiconductor industry, likely driven by factors such as AI advancements and continued strong demand for electronic components.