Chip stocks have soared immensely as the industry’s products infiltrate everything

When a highly qualified analyst Stacy Rasgon began his semi-conductor reporting in June 2009, little did he know a big change was around the corner.

“I launched right at the bottom with a really negative view on the sector,” Bernstein’s Rasgon said. “Literally six weeks after I launched, everybody started beating numbers by double digits.”

Of course, the Federal Reserve has rescued everything f....