The semiconductor industry has seen a flurry of activity over the past year or so. There has been generally positive momentum for stocks in the space, thanks in large part to recent developments in artificial intelligence (AI). The rise of these advanced algorithms is dependent on the most advanced processors, providing a lift for the entire sector.

However, stocks in the space have risen rapidly over the past year, sometimes outpacing fundamentals. In recent weeks, investors have taken a step back and are watching for positive catalysts from their favorite chip companies before fueling their next leg higher.

That appeared to be the case today, and despite surprisingly positive news, semiconductor stocks were decidedly mixed. Initially, Arm Holdings (NASDAQ: ARM) was up 4.8%, Taiwan Semiconductor Manufacturing (NYSE: TSM) climbed 3.8%, and Micron Technology (NASDAQ: MU) rose 2.6%. However, as the day wore on this trio of stocks lost momentum and as of 1:07 p.m. ET, Arm and Micron were down 2.1% and 0.2%, respectively, while Taiwan Semiconductor was up just 0.8%.

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Source Fool.com