Micron, Intel, SanDisk Hogged May’s Chip Spotlight — But These 3 Smaller Stocks Crushed Them

• Wolfspeed, GCT Semiconductor, and Enphase Energy emerged as the biggest gainers in the chip sector in May.
• Wolfspeed and Enphase develop power chips and components, while GCT Semiconductor develops telecom hardware.
• Stocktwits sentiment was ‘bullish’ for WOLF and GCTS, and ‘extremely bullish’ for ENPH on Wednesday.

Intel, AMD, Micron and SanDisk might have been the talk of the investor town, but smaller, niche semiconductor players are emerging as the real winners in the market.

As May draws to a close, Wolfspeed, Inc. (WOLF), GCT Semiconductor Holding, Inc. (GCTS), and Enphase Energy, Inc. (ENPH) have emerged as the biggest chip sector gainers this month. WOLF is up 149%, while GCTS gained 136% and ENPH gained 103%. Navitas Semiconductor, a closely watched stock, is fourth in the standings with 93% gains.
 

WOLF, GCTS And ENPH Focus Areas, Recent Catalysts

Wolfspeed develops silicon carbide (SiC) semiconductors and power devices used in various industries, and those are now seeing application in the burgeoning data center market. Recently, the company launched a new 1200V SiC power module for EV propulsion systems and commercially rolled out its 200mm SiC wafer platform to scale production.

The company’s updates and the ensuing rally in the stock mark a turnaround after its Chapter 11 restructuring late 2025 last year.

Enphase Energy also operates in the power segment, specifically solar power. The company sells microinverters, battery storage systems, EV charging products, and home energy management software. Its core products include the IQ series microinverters and IQ Batteries, which help residential and commercial solar systems operate more efficiently and reliably. 

Recently, Enphase launched new gallium nitride (GaN)- based commercial microinverters, expanded its off-grid solar-and-battery solutions, and introduced PowerMatch software to improve battery efficiency. 

GCT Semiconductor, the smallest of the group with a $230 million market capitalization, designs wireless communication chips, primarily for 4G LTE and 5G networks. Its products include modem chipsets and RF semiconductor solutions used across wireless devices, routers, IoT systems, and broadband equipment. 

The company’s recent focus has been on commercializing its 5G chipset platform and investors are closely watching whether its 5G commercialization could expand the company’s addressable market. On Tuesday, Enphase CEO Badri Kothandaraman disclosed a $337,481 purchase of company shares.

Retail View On WOLF, GCTS, ENPH Stocks

On Stocktwits, the retail sentiment was ‘bullish’ for WOLF and GCTS, and ‘extremely bullish’ for ENPH on Wednesday. In the group, GCTS has drawn the most interest from retail traders, with message volume around the ticker rising by over 2,000% in the past month and watcher count increasing by 41%. 

Year to date, WOLF leads the group with 322% gains, while GCTS is up 175% and ENPH is up 109%. In term

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