New Delhi, May 21 -- Semiconductor-chip stocks have surged since late March, with the VanEck Semiconductor ETF gaining about 55%, names like Micron Technology and Advanced Micro Devices more than doubling, and Intel nearly tripling. Nvidia, which reported better-than-expected earnings Wednesday, has gained about 22%. The rally doesn't seem to be a redo of the dot-com craze: It has been fueled by real AI-driven demand for semiconductors and strong earnings results. But has the chip group gotten over its proverbial skis? For this week's Barron's Advisor Big Q, we put the question to a panel of investment pros.

Lisa Shalett, chief investment officer, Morgan Stanley Wealth Management: When you look at the money flows and the technicals over ...