Five semiconductor leaders account for an outsized share of the market's year-to-date return. The concentration reflects real earnings momentum, but it also raises the bar for every subsequent quarter. Demand for accelerated computing remains strong, and capital spending plans from the largest cloud platforms continue to support the group. The risk is less about current demand than expectations: valuations increasingly assume that spending will remain elevated and margins will stay resilient. Beneath the headline names, participation is beginning to improve. Equipment makers, analog suppliers, and selected memory businesses have started to join the advance. That broadening matters because it suggests investors are pricing a durable cycle rather than a short-lived rush into a few artificial-intelligence beneficiaries. The rally is narrow, but it is not automatically unhealthy. We would watch equal-weight sector performance, earnings revisions, and the share of constituents above their 50-day averages. Continued improvement in those measures would make the next leg of the move considerably more convincing.