Chip stocks are at an all-time high, but Nvidia, Micron and AMD are lagging

While the chips have rallied to an all-time high, with the VanEck Vectors Semiconductor ETF notching a record of $120.71 a share on Tuesday, some of the group's best-known names have been left in the dust. Nvidia NVDA , Micron MU , Applied Materials AMAT and Advanced Micro Devices AMD are far off their 52-week highs, with Nvidia down about 34% from its peak last October. The conflicting action comes as investors, and companies themselves, question how long the typically boom-and-bust cycle of the semiconductor business can last — and whether it will stay boom-bust over the long term as more and more companies use semiconductors in their products.