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Chip stocks have seen a strong run-up in today's tech-led rebound rally.

The Philadelphia Semiconductor Index is up 7.5%, with names such as Sandisk, Micron, and AMD among the S&P 500's best performers.

Tech analyst Luke Lang said today's strength in semi stocks doesn't mean recent weakness is over. In fact, despite today's gains the SOX index is on track for its worst monthly performance on record.