The incredible chip sector rally is leaving behind its most notable stock. What's wrong with Nvidia?

Chip stocks are surging at an historic rate. But Nvidia , the company that's been at the heart of the AI boom, isn't participating. Over the past month, stocks like AMD and Micron are up 90% and 76%, respectively. Nvidia is only up 17%. In recent trading, that underperformance has gotten worse. The GPU-maker is flat since April 27, just before big chip companies started reporting earnings. Meanwhile, Intel and Micron have popped more than 30% since that time. …