The Nasdaq Composite rose 1.86% in September to finish at 26,861.06, with a late-month semiconductor rally offsetting sharp declines in several software-related stocks. The index gained 0.24% on the final trading day, closing higher in 19 sessions and lower in 11. Intel climbed 34.32%, Advanced Micro Devices gained 29.96%, Marvell Technology rose 24.83% and Astera Labs advanced 19.86%, while Meta Platforms added 26.70%. By contrast, Axon Enterprise fell 25.42%, Intuit dropped 23.26%, Paychex declined 22.65%, DoorDash lost 20.79% and Autodesk slid 19.16%. The uneven performance leaves the Nasdaq entering October with strong semiconductor momentum but limited evidence of a broad technology rally. Expectations for another rate increase have eased after comments from New York Fed President John Williams, while geopolitical tensions could increase volatility. Investors will focus on the Federal Reserve’s October rate decision and whether chip-sector strength spreads across technology. The article first appeared on GuruFocus, which also flagged 7 Warning Signs with AMD and promoted a free DCF calculator for testing valuation assumptions.