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European semiconductor stocks moved sharply on Thursday after earnings updates, with Soitec surging on strong photonics demand linked to artificial intelligence applications, while ​STMicroelectronics and BE Semiconductor Industries (Besi) fell as investors reacted to weaker near-term ‌performance and elevated growth expectations.

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The “Big Short” investor is bearish on the iShares Semiconductor ETF. He's also short several of the ETF's well-known holdings.

Asian stocks rallied on Wednesday as investors returned to semiconductor shares after a bruising sell-off, taking their cue from a Wall Street rebound even as Brent crude pushed further above $91 a barrel. MSCI's Asia-Pacific gauge outside Japan gained 1.2%, while South Korea's Kospi surged more than 6% and Japan's Nikkei 225 climbed 1.9%.

All three major indexes are climbing together for a change. Semiconductor stocks deserve most of the credit.